Freight Brokers International Corp., a freight brokerage firm in Vaughan, Ontario, that goes by the name The FBI Group, has agreed to acquire another brokerage firm, Consolidated Carriers, based in Markham, Ontario.
As part of the agreement, Wayne McCord, the owner of Consolidated Carriers, will join FBI in a sales capacity and all of the company’s employees will work at FBI’s office in Vaughan.
Terms of the transaction were not disclosed.
“The FBI Group understands how small freight brokers work,” McCord said in a statement released by FBI on Oct. 6. “This is a great opportunity for our staff and customers to benefit from the economies of scale at FBI while maintaining the relationships we’ve worked so hard to build over the years.”
John Elisio, a senior partner at FBI, said, “We’re looking forward to introducing their customers to our expanded portfolio of services.”
Manny Speranza, another FBI senior partner, said, “We believe in the value that a small broker like Wayne and Consolidated Carriers can bring to our organization. Their work ethic, attention to detail and ability to solve problems are fundamentally important to our future growth as a business and the professional development of our people. It’s a perfect cultural fit for FBI and an ideal exit strategy for the owner of a successful brokerage.”
New headquarters and warehouse in Vaughan, Ontario. (Freight Brokers International)
Consolidated Carriers is the third acquisition of a non-asset-based freight broker in Canada by FBI. The company acquired Melco Logistics in 2012 and Single Source Logistics in 2013.
“We see a good market right now for more acquisitions,” Speranza told Transport Topics in an interview on Oct. 10. “There are lot of brokers in Canada that are maturing and we expect to have another transaction in the Spring. We have a strong management and operations team and a good template for taking on more business and having a smooth transition.”
The company recently moved into a new office and warehouse facility and is currently looking for an additional warehouse location in Canada, Speranza said.
Speranza is one of four individuals who are part-owners of FBI. The others are brothers John and Frank Elisio, who founded the business in 1992, and Richard Mathe, who is vice president of operations.
The company now provides a broad range of transportation and logistics services, including cross-border trucking, warehousing and distribution, residential and commercial delivery, trade-show services and supply-chain consulting.
The company also builds tool cribs used in construction, mining, oil and gas projects and operates a business that converts trailers and containers into mobile on-site storefronts, supply depots and mini-warehouses.