National transport operator Lindsay Australia has announced it has agreed to acquire Tasmania’s largest temperature-controlled transport and logistics company.
Lindsay will acquired SRT Logistics in a bid to expand its national operations, as well as its fresh produce capabilities.
Lindsay has acquired SRT for an enterprise value of $108.2 million, providing Lindsay with a “compelling entry point” into the Tasmanian refrigerated transport market and Trans Bass Strait logistics.
“This is a huge milestone for both companies and a big win for our customers,” Lindsay Australia says.
“Together, Lindsay and SRT will offer a stronger national network, connecting fresh produce from Mareeba to Hobart and Launceston to Perth with expanded services, scale and reach.”
SRT Logistics is a trusted Tasmanian name, with Lindsay Australia set to acquire its six operating sites, 400 skilled staff, 145 trucks and 100 dual electric-diesel rail containers as part of the deal.
The company has been family owned and operated since its inception in 1996, with SRT being headquartered north of Hobart.
In 2008, it expanded services to Victoria before also expanding to NSW
“SRT is a quality business that has created a compelling position in a market with positive growth characteristics,” Lindsay Australia CEO Clay McDonald says.
“The acquisition demonstrates disciplined execution of our “Grow the Network” strategy. It will be a transformative event for Lindsay Australia and our shareholders through the creation of a truly national service offering for our customers.
“SRT is the clear market leader in the Tasmanian refrigerated transport market. Together, both businesses demonstrate strong operational and cultural alignment with the combination creating compelling opportunities for growth, synergy realisation and competitive advantage.”
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Lindsay Australia says it’s proud to now support Tasmania’s highly productive horticultural region that has a strong growth trajectory and has historically been less impacted by adverse weather conditions.
SRT Logistics’ service offering includes multi-modal transport, Trans Bass Strait shipping and cross docking and distribution, and is expected to achieve $137.6 million revenue in the 2025 financial year.
“The state’s high-quality fruit, vegetables and dairy products are enjoyed throughout Australia and this produce is the perfect complement to the Lindsay Transport and rural business.”
SRT will continue operating under its well-known brand, with the current leadership team set to join Lindsay from July 1 this year.
SRT CEO and major shareholder Robert Miller is set to be appointed as an executive director on the Lindsay Australia board following the acquisition’s completion.
“Integrating within Lindsay’s network represents a logical and highly compelling next step in SRT’s commercial evolution,” Miller says.
“This transaction underscores our commitment to delivering superior customer service while enhancing operational efficiencies and expanding our geographic footprint. I look forward to leveraging the combined expertise to deliver further value to our customers and employees.
“My decision to join the Lindsay board is reflective of the strength of the merged entity. Lindsay’s clear track record of strategy execution and leading market position have forged a strong operating platform with a highly attractive outlook. I have been deeply impressed by the Lindsay team and am excited about the opportunity to work with them in driving continued growth and success.”
The strategic rationale behind the acquisition is for Lindsay to extend and connect its network, achieve attractive financial outcomes and optimise and transform its operations.
“Robert has successfully built a market-leading business and possesses deep industry connectivity and relationships,” Lindsay Australia board of directors chair Ian Williams says.
“We are thrilled to have him join the Lindsay Board and believe his almost 30 years’ transport industry operating experience will further strengthen our strategic decision-making.”
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