Genoa - From forwarder to global logistical operator, the Tuvia group seems to be taking the path leading to an appearance on the stock exchange. This is one of the options to support a growth trend that saw an increase in its consolidated sales from 8 million euros in 2007, when the company was acquired by the Oriolo family (partner of the Bolloré group in Saga Italia) to 46 million in 2012, and an expected increased revenue of 53 million in 2013.
“In 2007 – explains the CEO Marco Oriolo – we had 3 offices: in Italy, New York and Hong Kong. Now we have a network of 23 offices”. The company is active in emerging markets such as Central Asia, Africa and Latin America. Next to the horizontal growth of the network, there has been a vertical integration diversifying its activities. “We have built 4 barges in the Caspian Sea and a fleet of 20 trucks in Germany (in a joint venture with the German firm Tka Intertrans). In addition, we acquired an industrial packaging company in Thailand (Tuvia ldc) and a small engineering firm in Genoa (Interprogetti) that offers exceptional transport planning and ship design. In 2012, a truck fleet was acquired in Kazakhstan to transport LPG, where the construction of a terminal for the stock and distribution of LPG was started”. Now, Tuvia is looking for funding to finance its development. “We want to keep growing, both internally and through acquisitions. Now we are in the process of exploring. We don’t exclude an initial public offering. Other possibilities, apart from the stock exchange, is the opening to institutional investors’ capital, a minibond issuance or the involvement of an industrial partner.
For a logistical operator, especially in Italy, IPO is a rare option. The Savino Del Bene case puts the difficulties in evidence: the company went public for a few years, then went private again and last year it announced a new IPO. After a few weeks, however, Savino Del Bene threw in the towel due to the lack of offers. Marco Oriolo, however, can count on two significant advantages. First of all, his training: before going back to the family logistics business , he got a degree in corporate finance from Bocconi University and he worked at Deloitte. The second one is Tuvia’s particular competitive advantage: “Forwarding is a saturated business sector with 4-6% margins in the best case. Our integration strategy has a bigger financial appeal, with a profitability of 8-10%”.