Danish freight forwarder Scan Global Logistics (SGL) has expanded its presence to Italy with the acquisition of Foppiani Shipping and Logistics. The acquisition comes following a promising start to the year for the freight forwarder. 

Despite a challenging market, SGL said its results are according to plan and the revenue of €490 million ($533.6 million) is on par with the results posted in the fourth quarter of last year. EBITDA of €40 million ($43.5 million) was also on par with Q4, 2023.

This meant that the company has maintained its outlook for the 2024 EBITDA of €195-215 million ($212.3-234.1 million).

Allan Melgaar, Scan Global Logistics CEO, said, “I’m pleased that we continue to deliver according to plan and maintain the outlook for 2024 despite ever-changing market conditions, which make it very complicated to navigate.”

SGL heads to Italy

The upbeat sentiment following the Q1 results saw the company plunge into a new region with the acquisition of Foppiani Shipping and Logistics, an Italian freight forwarder with a head office in Prato. The acquisition was completed following the approval of Italian Competition Authorities.

“Italy has been a priority for SGL for some time, and we are thrilled to welcome Foppiani to the family. It was evident from the first meeting that there was a ‘meeting of the minds’ when it comes to entrepreneurship, customer focus and focus on employees. Italy represents a tremendous opportunity in several sectors, and we firmly believe that Foppiani is the right platform to further grow our business, both with existing and new customers,” Melgaard said.

SGL said that Foppiani’s position in the automotive market will provide the company with a solid foundation to further develop the Italian market and key trade lanes.

The acquisition also adds to SGL’s recent expansion into Portugal, Romania, Switzerland and Ukraine. Acquisition of Foppiani also gives SGL access to offices in CHina, hong Kong, Japan, Singapore, South Korea and the United States.