UPS Acquires U.K.-Based Freightex
UPS Inc. acquired Freightex, a United Kingdom-based asset-light logistics services provider that will provide a “new global and regional growth platform” from an established base of customers and carriers, it said.
CEO Tim Phillips will continue to Freightex, which will operate as a wholly owned subsidiary, UPS said.
It provides truckload, less-than-truckload, specialized and refrigerated over-the-road services and gives UPS an immediate presence in the growing U.K. and European third-party logistics over-the-road brokerage transportation market, the Atlanta-based company said.
The European third-party logistics market was forecast to reach $174 billion by the end of 2016 in a market analysis by Grand View Research, UPS said.
Terms of the Jan. 3 transaction were not disclosed.
“The U.K. and Europe are strategic 3PL freight brokerage growth markets for UPS and there is significant cross border opportunity,” Alan Gershenhorn, UPS chief commercial officer, said in a statement. “This acquisition provides UPS customers an immediate, knowledgeable and competitive U.K. and European presence. We intend to align Freightex with Coyote for greater efficiency and continue to invest for further growth.”
UPS acquired Coyote Logistics, a provider of truckload logistics, in August 2015 for $1.8 billion, it said.
UPS ranks No. 1 on the Transport Topics Top 100 list of the largest U.S and Canadian for-hire carriers. UPS Supply Chain Solutions ranks No. 1 on TT’s Top 50 list of the largest logistics companies in North America.
