The company did acknowledge that it acquired 100 percent of FAST Italy. The amount paid was not disclosed, but SDV said it hopes to keep on all 10 of FAST Italy’s staff. SDV said this move will help expand its overall Middle East presence.
A company spokesperson said that SDV “will initially take a minority interest FAST Mondial & Marine,” but gave no indication if a further purchase was being discussed. SDV has worked with FAST companies for several years and said that Mondial & Marine is a key forwarder in Lebanon with an annual turnover of roughly $30 million.
The FAST brand has been built over 30 years with expansions and subsidiary companies located mostly in Jordan and Syria. FAST Overseas’ partnership with SDV will increase its presence in the Middle East and highlights a continued investment in the Mediterranean markets by SDV.
It is believed that SDV has taken only a majority stake in FAST France, an arm of the brand that worked closely with FAST Lebanon and plays a large role in freight traffic around the Persian Gulf. The France division last reported an annual turnover of 12 million euros ($15.45 million). SDV would only confirm that it did take a stake in the company, while local press is reporting that it’s a controlling interest. — Geoff Whiting
