JPB Cyprus Holding agrees to acquire Genesis Logistics

Aradippou, Cyprus. JPB Cyprus Holding Ltd has agreed to acquire 100 per cent of Genesis Logistics, placing the freight-forwarding company under the ownership of the Paphos-based investment group, subject to regulatory clearance.

The proposed transaction was notified to the Commission for the Protection of Competition on August 12. Neither company disclosed the purchase price or how the acquisition would be financed.

Transaction details

The competition watchdog’s notice refers to the buyer as “JPB Cyprus Holdings Ltd”. However, the company registry entry and Genesis Logistics’ announcement identify its registered legal name as JPB Cyprus Holding Ltd, with registration number HE 411792.

JPB Cyprus Holding was registered on August 5, 2020, and operates in the investment sector directly and through subsidiaries, including property investments.

Jan Pieter Wiert Boerma is listed as the company’s director and secretary. Public records connect him through directorships to several JPB-named entities, including JPB Energy, JPB IT Solutions, JPB Materials, JPB Tankstorage & Logistics and JPB Medical Holdings.

The group’s publicly confirmed operations include a solar business in Paphos that supplies and installs photovoltaic systems for households and companies.

Genesis Logistics operations

Genesis Logistics Limited was registered in April 2000, while company material traces its founders’ experience in international freight forwarding to the 1980s.

The company is based in Aradippou and is led by founders and shareholders Stefanos Stefani and Chrystalla Iordanou. It operates from a 6,000-square-metre warehouse and office complex near Cyprus’ main motorway network.

Its services include air and sea freight, customs brokerage, warehousing and distribution, contract logistics, marine insurance, ship spares and aircraft-on-ground logistics. The company also operates a pharmaceutical and healthcare logistics division supported by temperature-controlled infrastructure.

Management

Under the agreement, Stefani and Iordanou will remain responsible for Genesis Logistics’ management, strategic direction and customer-focused approach.