MEDIA RELEASE
SRT Logistics to join with Lindsay Australia, creating Australia’s largest refrigerated logistics network
Today, SRT Logistics Pty Ltd (“SRT Logistics”), Tasmania’s largest refrigerated road transport and logistics provider, has announced its joining ASX-listed Lindsay Australia Limited (“Lindsay”) in a $108.2 million transaction. This agreement creates the largest national refrigerated logistics company, with combined annual revenues expected to exceed $1 billion.
Founded 29 years ago as a small family business operating in Tasmania, SRT Logistics expanded services to Victoria in 2008, New South Wales and Queensland in the past 2 years and now employs over 420 people nationally.
Lindsay, founded 70 years ago, is a leading road transport, logistics and warehousing provider across mainland Australia, with more than 1,500 employees. In addition to transport, Lindsay offers a range of specialist services, including fumigation, quarantine, and import/export along with significant interests in the agricultural and rural sector.
Clay McDonald, CEO of Lindsay, said, “The combined experience, expertise, and financial strength of our businesses, along with our shared focus on safety and customer service, will create a logistics company that benefits our customers, employees and shareholders. We see this as a truly exciting opportunity to form Australia’s most diversified refrigerated logistics network. With the philosophy of stronger together, our combined teams of dedicated staff are well positioned to deliver our existing loyal customer base a vastly enhanced service. The formation of this unrivalled national network strongly positions the combined group to capitalise on future growth opportunities through this unrivalled national network.”
Rob Miller, CEO of SRT Logistics, added, “Joining Lindsay’s network represents a logical and highly compelling next step in SRT’s commercial evolution. 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. At last Tasmanian producers will benefit from a locally based logistics operator with a fully integrated road, rail and sea network with nationwide reach. We are passionate about the criticality of our role in ensuring Tasmanian products have the logistics reach to feed the nation!”
Under the agreement, Lindsay will acquire the shares of SRT Logistics. SRT Logistics will operate as a wholly owned subsidiary of Lindsay. The owners of SRT Logistics, the Miller family, will become the largest shareholders in Lindsay, holding a combined stake of approximately 12.8% (46,500,000 shares). SRT CEO Rob Miller will become an Executive Director on the Lindsay board and play a key role in forming strategy for the newly combined business, whilst continuing to lead and oversee the SRT Logistics business unit. Both companies emphasise that employees are a key priority. Operations will continue as usual, with a strong focus on continuity and stability for our people. SRT are committed to minimising disruption and supporting our teams through the transition. The partnership will create enhanced career opportunities for staff with avenues for advancement within the larger, combined organisation. The transaction is expected to complete on 30 June 2025.
SRT Logistics will continue to be a key employer in Tasmania. “Our loyal staff and customers were at the forefront in our minds when considering this opportunity. We would not have proceeded with this opportunity if I had any doubt that it wasn't the best option for the future of our staff and customers. After thorough investigation and due diligence, I am 100% convinced that it is.” says Rob Miller. “I am genuinely excited at the opportunities we can now offer our customers to enhance their ability to grow and distribute on the national stage”.