The Jinadasa Group has sold its logistics arm, Califolink Logistics (CLL) to Ceyline Holdings for an undisclosed sum. The integrated logistics company has been a partner to many local export businesses in the apparel, FMCG and automobile space over the past 10 years.
Over the years, CLL diversified its business portfolio with the inclusion of mobile storage solutions through modified containers as well as venturing into the transportation solutions space with a fleet of 40 prime movers, trailers, and with its team of experts, the company provided logistical support to many industry giants.
Director, Ceyline Group, Mevan Peiris said, “Califolink is a well-run business with operational strengths that complement our own and by acquiring it, we further accelerate growth and enhance our ability to compete on a global scale. It will strengthen our position of being a ‘one-stop-shop’ for all our customers’ logistical needs.” Ceyline, through this acquisition, will integrate CLL into their existing operations, allowing them to offer their customers with cost effective innovative solutions.
Dilanka Jinadasa said, “It was also the ideal time for us to exit the industry. Califolink had come a long way since its inception and in that time we had managed to grow shareholder value to a level that would yield a healthy return on investment for all involved.”
Gayan Gunawardana said, “After our initial meeting with the Ceyline Group, it was clear to us that they had a definitive vision for CLL’s future and there existed many synergies between the organisations. From the inception, our focus was to see how we can structure a divestment that would help realise the synergies that will take this business to the next level.”