International logistics company Magnate Worldwide sold Premium Transportation Logistics (PTL), a ground logistics company, to the trucking company’s senior management team last week.
“We became sort of an inconsequential part of [Magnate’s] story so it made more sense for us to spin off,” PTL President Jeff Curry told Air Cargo World, pointing out that the larger company is becoming “pretty significant.” He noted that the acquisition will give PTL more room to focus on expedited and premium transport movements, especially movements that are time-sensitive or “exclusive,” and pull back from corporate expenses at Magnate.
Curry said that PTL shares airfreight with previous sister company TrumpCard, which specializes in airfreight logistics and is still owned by Magnate. PTL doesn’t currently have plans to set up its own airfreight division.
The trucking company still works closely with its original owners, according to Curry, who described the relationship between Magnate and PTL as “a dotted line relationship” – as “direct a relationship possible” without legal ties.
“There’s a very strong commitment from each of us to continue to use each other’s strengths to grow together,” he said.
Regarding the remaining companies in Magnate’s portfolio – TrumpCard, Masterpiece International and Domek Logistics – Magnate Worldwide’s focus is on “handling-sensitive, time-definite and high-value shipments,” the company said. Its businesses specialize in customs brokerage, global freight forwarding and complex logistics.Like This Post