C.H. Robinson Worldwide, in a move to bolster its international freight business, has purchased The Space Cargo Group, a company based in Madrid that provides freight forwarding, customs brokerage and other logistic services in Spain and Colombia, for $48 million in cash.
The Minneapolis-based logistics company announced the acquisition March 1.
We’re proud to announce the acquisition of @SpaceCargoSP, a leading provider of international #freightforwarding, #customs brokerage, and other #logistics services in #Spain and @SpcColombia. Learn more: https://t.co/iZ90VzquPB pic.twitter.com/FRCWBwMGDD— C.H. Robinson (@CHRobinson) March 1, 2019
“The acquisition of Space Cargo advances our strategy of expanding our presence globally,” Chief Operating Officer Bob Biesterfeld said. “Space Cargo’s leadership, expertise and strong customer and carrier relationships, combined with C.H. Robinson’s global service offerings and network, will create more robust capabilities for our customers and add scale to our business.”
Space Cargo has more than 2,500 active customers and generates annual revenue of about $84 million, according to a statement from C.H. Robinson. The company has about 170 employees and operates out of seven offices in Spain and one in Colombia.
Space Cargo CEO Jordi Pellice said the buyout will allow the companies to “build on the business we have done together for more than 10 years.”
C.H. Robinson’s global forwarding business is active in 32 countries and generated gross revenue of $2.49 billion, or about 15% of the company’s total gross revenue, in 2018.
C.H. Robinson ranks No. 4 on the Transport Topics Top 50 list of largest logistics companies in North America. The company also ranks No. 28 on the TT list of top airfreight forwarders and No. 15 on the TT list of top ocean freight forwarders. — Transport Topics