C.H. Robinson acquires Spanish freight forwarder for $48 million
Deal expands CHR's global presence, could lead to additional acquisitions, company says.
Transportation and third party logistics (3PL) provider C.H. Robinson today said it has expanded its worldwide network by paying $48 million to acquire a logistics service provider operating in Spain and Colombia.
Eden Prairie, Minn.-based C.H. Robinson said it has acquired The Space Cargo Group, a provider of international freight forwarding, customs brokerage, and other logistics services. The company plans to integrate Space Cargo into its Global Forwarding division and its Navisphere global technology platform.
"The acquisition of Space Cargo advances our strategy of expanding our presence globally," Bob Biesterfeld, chief operating officer and CEO-elect of C.H. Robinson, said in a release. "Space Cargo's leadership, expertise, and strong customer and carrier relationships, combined with C.H. Robinson's global service offerings and network, will also create more robust capabilities for our customers and add scale to our business."
Biesterfeld also indicated that C.H. Robinson may have an appetite for additional takeovers, saying the company will "continue to look for ways to capitalize on the opportunity to grow globally, in part by acquiring leading local providers that share our commitment of best-in-class service and execution."
Madrid, Spain-based Space Cargo offers ocean and air freight forwarding as well as customs brokerage and other logistics services to over 2,500 customers. The firm declared $84 million in revenue for the 2018 fiscal year, while employing some 170 employees and operating out of seven offices in Spain and one office in Colombia.
We're proud to announce the acquisition of @SpaceCargoSP, a leading provider of international #freightforwarding, #customs brokerage, and other #logistics services in #Spain and @SpcColombia. Learn more: https://t.co/iZ90VzquPB pic.twitter.com/FRCWBwMGDD— C.H. Robinson (@CHRobinson) March 1, 2019
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