CHRW inks agreement to acquire Apreo Logistics S.A.
September 10, 2012
Global logistics services provider and freight forwarder C.H. Robinson Worldwide Inc. (CHRW) recently announced it has agreed to acquire Warsaw, Poland-based freight forwarder Apreo Logistics S.A.
Financial terms of the acquisition were not disclosed. CHRW said that the transaction’s closing is conditional on clearance from the Polish Office for Competition and Consumer Protection. CHRW officials were not available for additional comment.
Apreo provides various services for shippers, including dry van and temperature-controlled and liquid and dry bulk capabilities as well as warehouse, air, and ocean services and was founded in June 2007. The company has gross revenues of more than $100 million and has more than 2,000 customers and 300 employees in 21 offices in Poland and an office in Germany, too, said CHRW.
“This acquisition expands C.H. Robinson’s presence in Europe and supports our goals to strengthen our capabilities in our core business and further diversify our modal offering, both of which benefit our European and global customer base,” said Bryan Foe, the newly-named president of C.H. Robinson Europe in a statement.
Bringing Apreo into the fold follows a July announcement by CHRW, when its subsidiary C.H. Robinson Europe opened a new office in Rotterdam, Netherlands, which will specialize in temperature-controlled logistics services.
The company said it is continuing to take a long-term approach towards Europe and is increasing its commitment to the continent.
Robert W. Baird & Co. analyst Ben Hartford wrote in a research note that CHRW “continues to take a long-term view toward expanding its presence in Europe with acquisition opportunities providing a platform to accelerate growth.”
Hartford added that CHRW has highlighted an interest in pursuing companies with European truck brokerage exposure and international freight forwarding capabilities to supplement ongoing diversification and growth efforts, noting that over the long term, CHRW continues to view service and geographic diversification as key elements of the company’s value proposition.
Total second quarter revenue for CHRW—at $2.96 billion—was up 9.2 percent annually.
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