JPB Cyprus Holding Ltd has agreed to acquire 100 per cent of Genesis Logistics, in a deal that would place the Larnaca freight-forwarding company under the ownership of the Paphos-based investment group.

The proposed transaction was notified to the competition watchdog on August 12 and remains subject to regulatory clearance. Neither company disclosed the purchase price or how the acquisition would be financed.

The Commission for the protection of competition (CPC) notice refers to the buyer as “JPB Cyprus Holdings Ltd”. However, the registry entry and Genesis’ 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 also 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, which supplies and installs photovoltaic systems for households and companies.

Genesis Logistics Limited was registered in April 2000, although company material traces the founders’ experience in international freight forwarding to the 1980s. The business is based in Aradippou and is led by founders and shareholders Stefanos Stefani and Chrystalla Iordanou.

Genesis operates from its own 6,000-square-metre warehouse and office complex, located close to Cyprus’ main motorway network. Its service range includes air and sea freight, customs brokerage, warehousing and distribution, contract logistics, marine insurance, ship spares and aircraft-on-ground logistics.

The company also runs a pharmaceutical and healthcare logistics division supported by temperature-controlled infrastructure.

Under the agreement, Stefani and Iordanou will remain at the helm, retaining responsibility for the company’s management, strategic direction and customer-focused approach.

Genesis said the acquisition was intended to support its further development and strengthen both its operations and workforce. The agreement would create “new prospects for growth, investment and further strengthening” of its international transport and supply-chain services, the company added.

Genesis was previously recognised as the first logistics business in Cyprus to receive Great Place to Work certification, while it also holds certifications covering quality, environmental management and workplace health and safety.

The announcement did not specify the investment planned by JPB, whether the company intends to expand Genesis’ facilities or when the transaction is expected to close. The takeover cannot be completed before receiving CPC approval.