European Package Carrier Expands in US With Purchase of Golden State Overnight
General Logistics Systems B.V., a parcel delivery firm based in Amsterdam, and with operations throughout Europe, is expanding in the United States with the purchase of Golden State Overnight for $90 million.
GSO provides regional parcel and freight delivery services in California, Arizona, Nevada and New Mexico. The company generated revenue of $114 million in the 12 months ended March 31, according to a statement released by GLS on Oct. 4.
“The acquisition of GSO is in line with our strategy of careful and focused geographic expansion,” GSL Group CEO Rico Back said. “GSO operates in an attractive regional market representing the world’s fifth-largest economy and provides GLS with an opportunity to grow within its existing footprint.”
GSO will continue to operate as a separate entity with CEO Dana Hyatt remaining in charge of operations, according to the GSL statement. GSO operates a hub and spoke network of 36 facilities and has about 1,900 employees. The company, founded in 1995, handles about 13.5 million deliveries a year.
GLS was established in 1999 as a subsidiary of the Royal Mail Group in the United Kingdom. The company expanded throughout Europe and now operates in 41 countries through a network of local partners and with about 14,000 employees handling 431 million parcels a year.
GLS reported revenue of $2.4 billion in the last fiscal year.
