Federation Asset Management takes aim at US firm ACI Logistix over Sendle collapse

Federation Asset Management has alleged it was misled about the financial position of US logistics company ACI Logistix during a merger process that combined ACI with Australian parcel delivery startup Sendle and US shipper FirstMile. The merger has since collapsed, and Sendle has closed its local parcel delivery service.

Allegations over financial disclosures

In a statement, Federation said that information presented during due diligence did not reflect ACI Logistix’s true financial standing. The firm alleges that ACI was not current on certain financial obligations at the time the companies agreed to merge, a position Federation claims was at odds with what it was led to believe during the transaction process.

Federation added that it backed the deal on the basis that it would enhance the value of its existing investment in Sendle. Relying on the information it had received, the firm underwrote additional capital at the time of the merger and in the period that followed.

The FAST Group merger

The combined business, known as FAST Group, was created in August last year. It brought together:

• Sendle, the Australian startup focused on parcel delivery services
• FirstMile, a Salt Lake City-based company specialising in mid-market shipping solutions
• ACI Logistix, a Long Beach-based logistics operator with more than 60 years in national parcel logistics

The transaction aimed to build scale across national and cross-border parcel networks, blending technology-driven last-mile delivery with established US logistics infrastructure. However, following the merger, Federation says it became aware of financial issues at ACI Logistix that undermined the foundation of the combined group.

Collapse and operational fallout

With the merger now unwound, Sendle has closed its local parcel delivery operations. Federation maintains that the decision to support the merger—and to commit additional capital—was based on the expectation that the combination would be accretive to its Sendle investment. The firm’s position is that the alleged discrepancies in ACI’s financial status materially affected the outcome.

What remains unclear

Federation has not publicly detailed next steps or potential remedies following the merger’s collapse. ACI Logistix has not, at the time of writing, issued a public response to the allegations. Details regarding the future structure or disposition of the FAST Group assets have not been announced.

Key timeline

• August (last year): FAST Group formed by combining Sendle, FirstMile and ACI Logistix.
• Post-merger: Federation says it learned ACI was not current on financial obligations at the time of the deal.
• Now: The merger has collapsed and Sendle has closed its local parcel delivery service.

Federation’s allegations focus on due diligence representations and whether the financial information provided prior to the deal accurately reflected ACI Logistix’s obligations. The situation continues to evolve as the parties assess the fallout from the failed merger and the shutdown of Sendle’s local operations.