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YuuZoo JV buys business, assets of Cinram Logistics France
YUUZOO Corporation Limited said on Sunday night that YuuLog Europe, the new joint venture it recently set up with the management of Cinram Logistics France (CLF), has acquired the business and assets of CLF.
The assets include a business that is expected to generate more than S$30 million in revenues this year. CLF is the market leader - with a 40-year history, serving a large network of big-brand customers - in entertainment-sector logistics and distribution in France.
CLF can process over 25,000 stock keeping units per day from its fully owned warehouses covering 24,000 sq m, and with a storage capacity of 26,000 pallets. Its fully owned office building next to the main warehouses covers 1,000 sq m. The premises sit on 60,000 sq m of fully owned land. The eCommerce capabilities of CLF include expertise in reverse logistics, crossdock, outbound/inbound and co-packing.
The acquisition will be funded in cash by internal resources, the group said in a filing on Sunday.
France will be the base for YuuZoo's expansion into the rest of Europe through resellers, franchisees and marketing partners.
YuuZoo Corporation's executive chairman Thomas Zilliacus said that YuuZoo has, through the acquisition of the assets and business of CLF in one stroke, achieved three major things.
"First, the company has gone from being only a social commerce marketplace operating primarily in the developing world, to become a complete end-to-end ecommerce player in the huge European ecommerce market.
"Second, the company has acquired a large new customer base consisting of some of the world's strongest brands in entertainment and ecommerce. Third, the company has added a very strong European team of some 250 people that will be central to YuuZoo's European expansion", he added.