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Terra Worldwide Logistics, a closely held provider of logistics services, is exploring a sale amid consolidation in the industry, according to people familiar with the matter.
The Atlanta-based company is working with a financial adviser on the potential sale, the people said, asking not to be identified because the matter is private. A transaction could value the business at about $1 billion, the people said.
Other logistics firms and investment funds have expressed preliminary interest in acquiring the business, the people said. Considerations are ongoing and no final decision has been made, the people said.
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“We evaluate different solutions of investment capital from time to time,” Terra’s co-founder and Chief Operating Officer Jim Briles said in response to queries from Bloomberg News. “Our focus is solely how do we serve our customers better.”
Founded in 2019, Terra provides air and ocean freight, as well as warehousing and distribution and customs brokerage services, according to a press release on its website. It acquired the assets of supply chain software and services firm American Global Logistics in 2020, the release showed.
Logistics assets have attracted increasing interest from global investors after COVID-19 triggered a surge in online shopping. Other companies exploring a sale include Taiwan-based Morrison Express Corp. and Italy’s Bcube SpA, Bloomberg has reported.
— With assistance from Jennah Haque.