ID Logistics to acquire third party logistics provider Kane Logistics
ID Logistics, a European contract logistics firm, has signed a $240 million worth deal to acquire Kane Logistics, an American pure player in value-added warehousing and contract logistics.
The acquisition of the third party logistics provider will help ID Logistics increase its footprint in the US with 20 new locations with a combined area of 725,000m2, new blue-chip customers and experienced management. In particular, the deal allows the European logistics firm to grow its presence in Pennsylvania, Illinois, California, Georgia, and Ohio.
Eric Hémar — Chairman and CEO of ID Logistics said: “With the acquisition of Kane Logistics, we are opening up new prospects in North America, where we are enhancing our know-how, in particular with consumer package goods customers, and welcoming experienced and dynamic managers to our team.”
ID Logistics to acquire Kane Logistics, a US-based third party logistics provider, for $240m. Photo courtesy of Pexels from Pixabay.
The transaction also adds to ID Logistics’ acquisition of Nespresso’s logistics operations in the US two years back.
Acquired by Harkness Capital Partners in 2019, Kane Logistics has reached $235 million in revenues by 2021 with an annual growth of over 20% since 2019.
Expected to be closed before the summer of this year, the deal is subject to the approval of the US antitrust regulators.
Tony Tegnelia — CEO of Kane Logistics said: “ID Logistics is the ideal next partner to move the Company forward, to serve our customers, and to help maintain our growth trajectory. Their cultural values are a mirror of our values, and they also have a very strongly committed management team.”
Recently, ID Logistics had completed 100% acquisition of Colisweb, a France-based provider of last mile delivery platform.