A Manchester logistics group has expanded its global reach after making a "strategic investment" in an Australian freight forwarder.
Cardinal Global Logistics, which has 10 regional offices and 12 overseas bases, has bought into Seabridge and will help expand its presence in Australia and New Zealand as well as bolstering trade links with Asia.
Seabridge was founded in 2011 by entrepreneur Justin Todd and has grown from one office in Brisbane, to five locations across Australia and New Zealand, most recently opening its Auckland office in April 2020.
In the six months to June 2021, Cardinal’s Asian business grew by 156% compared to the same period last year.
Its chief executive Brian Hay has said there was "huge potential" to develop the market further and said new offices were planned in Thailand and Malaysia this year.
Cardinal Maritime Group, which reported a turnover of £143m to the end of 2020, is expected to become a £350m business in 2021.
In the six months to the end of June, the business recorded record revenues of £193m, in a market where freight rates continue to remain high.
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Mr Hay added: "If we opened our own offices in Australia and New Zealand, it would probably take us five to ten years to achieve what Seabridge has done,” said Brian Hay, chief executive at Cardinal Global Logistics.
"We’ve been working with the team, as an overseas agent, for the past five years. They are an excellent cultural fit with our business, and we are looking forward to working with them to develop the market further."
Justin Todd, managing director at Seabridge, said: "There are a lot of synergies between the businesses: from our cultures to operational processes, and how client relationships are developed and served.
"Cardinal Global Logistics has also made a significant investment in technology. That’s something we have a great interest in, and it makes commercial sense to have a like-minded partner."