Third-party logistics provider NFI Industries said today it has acquired California Cartage Co., a leading U.S. port logistics provider, in a move that expands NFI's geographic footprint and product portfolio. Terms of the transaction between the two family-owned, privately held companies were not disclosed.
The deal, which had been rumored for a week, will create a combined company with an expected $2 billion in 2018 revenue, Cherry Hill, N.J.-based NFI said in a statement. It will expand NFI's presence into the port-specific areas of drayage, trans-loading, deconsolidation, customs examination, and warehousing.
The deal will also position NFI in the southern California market, home of the ports of Los Angeles and Long Beach, the largest port complex in the country.
NFI now will control 41.5 million square feet of distribution space, as well as 4,000 dedicated transportation and drayage tractors and access to 30,000 motor carrier vendors, it said. NFI executives were unavailable to comment on details about the acquisition.
Founded in 1944 and controlled by the Curry family, Long Beach, Calif.-based Cal Cartage is strongest in the retail, e-commerce, footwear, and apparel sectors. NFI, founded in 1932, is controlled by the Brown family.