A Hawke's Bay courier company that started in 1983 with "a couple of Chevettes" has been sold for more than $125 million to global Dubai-based logistics company Aramex, as online retailing drives growth in the industry.
The 100 per cent buyout of Fastway Ltd has received approval from the Overseas Investment Office.
Fastway Couriers New Zealand CEO Scott Jenyns said the two companies already had a working relationship.
"Aramex identified the value of Fastway's operations and commitment of our franchisees and employees early on, having partnered with us for almost a year through its international inbound freight business," he said.
"The e-commerce industry is expected to be a major growth driver for the courier and parcel delivery services industry in the future and we will be better positioned to take advantage of these opportunities."