US-based transport company, CH Robinson, continues to expand its global network with the acquisition of The Space Cargo Group.
Space Cargo is a provider of international freight forwarding, customs brokerage and other logistics services in Spain and Colombia.
CH Robinson purchased Space Cargo for approximately €42 million in cash. The acquisition is expected to be accretive in 2019 and will be financed through existing cash.
“The acquisition of Space Cargo advances our strategy of expanding our presence globally,” said CH Robinson Chief Operating Officer and CEO-elect, Bob Biesterfeld.
“We look forward to working with Space Cargo’s customers to offer our full suite of logistics services to enhance their supply chains.
“Space Cargo’s leadership, expertise and strong customer and carrier relationships, combined with CH Robinson’s global service offerings and network, will also create more robust capabilities for our customers and add scale to our business.
“We continue to look for ways to capitalise on the opportunity to grow globally, in part by acquiring leading local providers that share our commitment of best-in-class service and execution. This enables us to better support our customers of all sizes and enhance returns as we integrate these companies into our global business,” he said.
Space Cargo is, according to CH Robinson, a leading provider of ocean and air freight forwarding, in addition to providing customs brokerage and other logistics services, to over 2,500 active customers. Headquartered in Madrid, Spain, Space Cargo has approximately 170 employees and has seven offices in Spain and one office in Colombia. For the fiscal year ending December 31, 2018, Space Cargo had approximately €74 million in gross revenues.
“We are excited to join CH Robinson, the best third-party logistics provider, and build on the business we have done together for more than 10 years,” said Space Cargo CEO, Jordi Pellice. “We believe this partnership will position us to better serve our customers and promote continued growth by leveraging CH Robinson’s worldwide network and diverse service offerings.”
CH Robinson’s Global Forwarding business currently serves five continents and 32 countries, with over 4,000 employees and 125 offices worldwide, and is said to be the number one non-vessel operator (NVO) from China to the US.
“We are pleased to welcome Space Cargo to the CH Robinson family,” said Mike Short, President of CH Robinson’s Global Forwarding division. “Space Cargo has a proven track record of success, and we will benefit from the company’s outstanding presence in Spain and Colombia. Space Cargo has a strong local reputation for world-class freight forwarding and a talented and committed group of individuals who will be right at home among our team. We will work hard to successfully integrate the valued employees, customers and suppliers of Space Cargo.”
CH Robinson will integrate Space Cargo into its Global Forwarding division and single global technology platform, Navisphere.