**JPB Cyprus Holding Ltd to Acquire Genesis Logistics in Strategic Move**
JPB Cyprus Holding Ltd, a Paphos-based investment group, has announced its intention to acquire 100 percent of Genesis Logistics, a freight-forwarding company located in Larnaca. This acquisition marks a significant development in the logistics sector in Cyprus, as it aims to enhance the operational capabilities and growth prospects of Genesis Logistics.
The proposed transaction was officially submitted to the Commission for the Protection of Competition (CPC) on August 12 and is currently awaiting regulatory clearance. The details surrounding the purchase price and the financing structure of the acquisition have not been disclosed by either party involved.
JPB Cyprus Holding Ltd was registered on August 5, 2020, and operates primarily in the investment sector. The company is directed by Jan Pieter Wiert Boerma, who is also associated with various other entities under the JPB name, such as JPB Energy and JPB IT Solutions. The group has publicly confirmed its involvement in a solar business that supplies and installs photovoltaic systems in Paphos.
Genesis Logistics, established in April 2000, has its roots in international freight forwarding that dates back to the 1980s. The company, founded by Stefanos Stefani and Chrystalla Iordanou, operates from a 6,000-square-metre facility in Aradippou, strategically located near Cyprus' main motorway network. Genesis offers a comprehensive range of services, including air and sea freight, customs brokerage, warehousing, distribution, contract logistics, marine insurance, and specialized logistics for pharmaceuticals and healthcare, supported by temperature-controlled infrastructure.
Under the terms of the acquisition, both Stefani and Iordanou will continue to lead Genesis Logistics, maintaining their roles in management and strategic direction. The company has expressed that this acquisition is intended to bolster its development and enhance its operational capabilities, thereby creating new opportunities for growth and investment in its international transport and supply-chain services.
Genesis Logistics has previously been recognized for its workplace culture, being the first logistics company in Cyprus to receive the Great Place to Work certification. The company also holds various certifications in quality management, environmental management, and workplace health and safety.
While the announcement has generated interest in the logistics sector, specifics regarding the planned investments by JPB Cyprus Holding Ltd, including potential expansions of Genesis' facilities or operations, remain undisclosed. The transaction is contingent upon receiving the necessary approval from the CPC before it can be finalized.
As the acquisition progresses, it is anticipated that the integration of Genesis Logistics into the JPB group could lead to enhanced service offerings and operational efficiencies, positioning the company for future growth in the competitive logistics market.