English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

C.H. Robinson to buy Freightquote.com

PRESS RELEASE

December 01, 2014: C.H. Robinson (Nasdaq: CHRW) today announced that it has reached an agreement to acquire Freightquote.com, Inc. for $365 million in cash. The agreement is subject to certain customary closing conditions, including regulatory approval. Closing of the acquisition is expected to occur in the first quarter of 2015. C.H. Robinson will likely increase its existing revolving credit facility to finance the acquisition.

Freightquote is a privately-held freight broker providing services throughout North America. Freightquote's calendar 2014 gross revenues are projected to be approximately $623 million, net revenues are projected to be approximately $124 million and adjusted EBITDA is projected to be approximately $34 million.

Founded in 1999 by Tim Barton, Freightquote is one of the largest internet-based freight brokers in the United States. Headquartered in Kansas City, MO with approximately 1000 employees, Freightquote provides truckload, less than truckload and intermodal services to approximately 80,000 customers.

"Freightquote is a high quality, innovative, growth company that brings a proven model serving smaller businesses. Its proprietary e-commerce technology allows shippers to easily access competitive rates and automated load acceptance and payment functionality. E-commerce is going to be a bigger part of future supply chain services and Freightquote brings us a leading solution in our industry," said John Wiehoff, C.H. Robinson chairman and chief executive officer. "Along with their track record of success, Freightquote has an established brand, a talented management team, excellent people, and a performance-based company culture."

Wiehoff continued, "Freightquote brings synergies to our less than truckload and truckload businesses as well as a talented technology team with expertise developing a great e-commerce store front experience. We look for quality companies and Tim has built a great model and team at Freightquote."

"With the addition of Freightquote, we will increase our market share with small businesses and significantly expand our presence in the Kansas City market," said Scott Satterlee, C.H. Robinson senior vice president of North America Surface Transportation. "We have built our business over decades by providing unparalleled service to all types of customers and we are honored to add this strong organization dedicated to that same strategy. Freightquote will operate as one of our flagship operations in Kansas City and we plan to continue to aggressively grow the operations there," Satterlee said.

Tim Barton, Executive Chairman of Freightquote, will serve as a consultant to Freightquote following the closing of the acquisition.

"We spent a long time looking for the right strategic partner and are pleased to join the C.H. Robinson organization," said Tim Barton. "The two companies complement each other and together we are well positioned for success into the future."

More News

Written on 16/08/2017, 22:16
descartes-acquires-macropoint-and-new-shareholderWATERLOO, ON: August 16, 2017. Descartes Systems Group is to acquire Cleveland, OH-based transport visibility network MacroPoint for US$107...
Written on 16/08/2017, 21:45
jebel-ali-ftz-gains-us-80-billionDUBAI: August 14, 2017. Jebel Ali Free Zone (Jafza) increased the value of its non-oil foreign trade by US$80.2 billion in 2016 with volumes rising 17...
Written on 16/08/2017, 20:46
wincanton-to-operate-from-dp-world-london-gatewayLONDON: August 16, 2017. Wincanton, one Britain's largest logistics companies, is to establish a truck base at DP World London Gateway's logistics park...
Written on 15/08/2017, 23:01
swiss-worldcargo-reorganizes-the-americasZURICH: August 15, 2017. The air cargo division of SWISS is to reduce its American organization from three to two regions effective October 01 covering...
Written on 10/08/2017, 14:58
zeaborn-now-owns-six-rickmers-line-shipsBREMEN/HAMBURG: August 07, 2017. The Zeaborn Group has acquired five 30,000dwt 'Superflex Heavy Lift' vessels from Rickmers Holding. The purchase price...
Written on 09/08/2017, 21:06
qatar-lifts-visa-requirement-for-latam-marketDOHA: August 09, 2017. Qatar Airways has introduced visa-free entry for citizens from 80 countries with those from the EU, Switzerland and Turkey allowed...
Written on 09/08/2017, 16:48
freightweek-news-update-week-32LONDON, Heathrow: August 12, 2017. To celebrate World Elephant Day and help stop illegal trade of wildlife, Heathrow has installed a pop-up interactive...
Written on 08/08/2017, 21:57
another-record-ebit-for-deutsche-post-dhlBONN: August 08, 2017. Deutsche Post DHL (DPDHL) has reported a 4.7 percent increase in net profit to €1.18 billion on a 5.8 percent rise in revenue to...
Written on 07/08/2017, 21:23
amazon-operator-atsg-to-add-a321-freighter-conversionsBEAVERTON, OR/WILMINGTON, OH: August 07, 2017. Conversion specialist Precision Aircraft Solutions (PAS) and Air Transport Services Group (ATSG) have...
Written on 03/08/2017, 20:14
cargo-still-challenging-despite-turnaround-says-lufthansaFRANKFURT: August 03, 2017. The Lufthansa Group has reported a 99 percent rise in pre-tax profit to €1.03 billion on a 12.7 percent increase in revenue to...
Written on 02/08/2017, 20:19
hong-kong-air-cargo-leases-atlasPURCHASE, NY: August 02, 2017. Atlas Air Worldwide Holdings (AAWH) has leased three B747-400 freighters under an ACMI contract beginning in September 2017...
Written on 02/08/2017, 19:27
dunkerque-to-power-brittany-ferriesDUNKERQUE: August 01, 2017. A month after signing an agreement to develop an LNG station to supply tank trucks, Dunkerque LNG and Total Marine Fuels...
Written on 01/08/2017, 16:53
revenue-gain-for-g-w-railroadDARIEN, CT: August 01, 2017. Railroad company Genesee & Wyoming (G&W) has reported an unchanged net income of US$75.4 million on a 7.6 percent...
Written on 01/08/2017, 14:48
freightweek-news-update-week-31KUWAIT: August 05, 2017. Global logistics provider Agility has reported a Q2 net profit of KD16.8 million on revenue of KD342.1 million, an increase of...
Written on 31/07/2017, 15:32
sohar-ocean-container-throughput-upSOHAR, Oman: July 31, 2017. The Port of Sohar and Freezone reports an 11 percent increase in container volume in Q2 2017 over the same period last year....
Written on 30/07/2017, 23:45
crowley-introduces-another-cuba-servicePORT EVERGLADES, FL: July 27, 2017. Crowley Logistics has begun a three times a month service to deliver "approved donated goods" from South Florida to...
Written on 28/07/2017, 17:53
u-s-europe-and-china-to-form-airline-supergroupPARIS/AMSTERDAM: July 27, 2017. The Air France-KLM Group is planning to increase its capital base by €751 million to help finance a new joint venture with...
Written on 27/07/2017, 16:18
sm-line-signs-intermodal-deal-with-union-pacificOMAHA, Nebraska: July 26, 2017. Union Pacific has signed a partnership agreement with SM Line for intermodal rail distribution from Pier A at the Port of...
Written on 26/07/2017, 19:26
sal-heavy-lift-joins-with-combi-liftBREMEN/HAMBURG: July 27, 2017. Shipowner Harren & Partner (H&P) is to purchase SAL Heavy Lift from the 'K' Line Group for an undisclosed...
Written on 25/07/2017, 20:59
samskip-to-buy-nor-linesROTTERDAM: July 25, 2017. Multimode logistics services company Samskip is to acquire Nor Lines from the DSD Group to expand its shipping, transport and...

- powered by Quickchilli.com -