USCO Logistics has signed an agreement to be acquired by one of the globe’s largest 3PLs, Kuehne & Nagel International AG of Schindellegi, Switzerland.
The purchase price is approximately US$300 million plus an earn-out based on performance.
USCO said in a company release that transaction will enable its customers to access a single source for execution of a full suite of logistics management solutions on a global basis.
"With this acquisition Kuehne & Nagel will have full access to the logistics market in North America, and realises a further important step in its strategic concept of offering integrated contract logistics solutions on a global basis.
In recent years, Kuehne & Nagel has successfully expanded this business in Europe and, as a result of the alliance with SempCorp Logistics Ltd., Singapore, the contract logistics operations were extended to the Asia-Pacific region, making Kuehne & Nagel a truly global contract logistics player," the company release stated.
USCO Logistics is a privately owned, non-asset-based North American full-service provider of customized integrated logistics management solutions. With its 3,300 employees, USCO Logistics manages more than 15 million square feet of shared and dedicated space in distribution centers throughout more than 70 locations in Canada, the United States, and Mexico, making it one of the largest warehouse-based logistics service providers in North America. Focusing on the high-tech, retail and pharmaceutical industries, USCO Logistics has achieved annual revenue growth in excess of 30 percent during the last three years.
"The acquisition of USCO Logistics is an important milestone in the further development of the Kuehne & Nagel Group. It enables us to offer one-stop, integrated contract logistics solutions in the triad of Europe, the Asia-Pacific region and North America. In the future, Kuehne & Nagel will be one of the leading suppliers of integrated contract logistics services, worldwide. USCO complements our existing leadership position in the worldwide ocean freight and airfreight forwarding businesses," said Klaus-Michael Kuehne, Executive Chairman of Kuehne & Nagel International AG.
Thomas R. Holmes, Chairman of USCO Logistics, said USCO’s management team will remain in place as part of the terms of the acquisition.
The agreement is subject to the fulfilment of statutory antitrust and other conditions.
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