CEVA Logistics announced is acquiring Cargex S.A., an international freight forwarding and perishable goods expert based in Bogotá, Colombia.
Cargex has more than 25 years of experience, with a primary focus in export management of perishable goods. It has operations in Bogotá, Medellin, Cartagena, Buenaventura and Santa Marta.
With this acquisition, CEVA Logistics will become a major player in the perishables market in Colombia. Cargex General Manager Pablo Torres will join CEVA Logistics as director of perishables for Colombia and Ecuador.
“With the addition of Cargex, CEVA Logistics continues its strategic push to capitalize on growing global and regional market segments. This acquisition is the perfect follow-on to our M&A activity in Africa over the past 12 months,” said Mathieu Friedberg, CEO of CEVA Logistics.
“With our global scale, we are able to see geographic and industry market segments primed for growth.”
Latin America expansion
CEVA Logistics is present in 10 countries in Latin America, where the company has nearly 10,000 employees across 40 locations. Already operating in Colombia and Ecuador, CEVA will maintain its current Colombian presence in Bogotá, Medellin, Cali, Buenaventura, Cartagena, Ipiales and Santa Marta, as well as its offices in Guayaquil and Quito in Ecuador.
CEVA expects the perishables market in Latin America to rise annually by 10 percent through 2024. Air freight will play a key role as the company expands in that growing perishables market, and the expanding CEVA Skycapacity program will play a role in connecting Latin America to international markets.
With a current product focus on fruits, vegetables, flowers, fish and other proteins, CEVA plans to be a strong perishables market player in the Latin American region through targets to grow more than 50 percent in all of its current country markets.
The addition of more than 150 Cargex and Aduanamos employees with freight forwarding, customs and perishable expertise further supports CEVA’s global end-to-end logistics capabilities.
CEVA continues to act as part of its global strategic growth plan, and the Cargex transaction strengthens the position of the company in Latin America, with particular focus on the growing perishable market segment.