Logistics Plus Expands European Operations
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Logistics Plus already had a presence in Belgium, Czechia, France, Germany, Netherlands and Poland.
Jan Krediet specializes in the furniture, kitchens, project furnishing, forwarding, warehousing and value-added services segments. The two companies previously inked a strategic partnership in 2016 focusing on the furniture, fixtures and equipment sector.
Logistics Plus Chief Operating Officer Yuriy Ostapyak said in an interview that the companies would not be providing any details on the price of the deal, although he revealed it is structured in a way that the payout will be over a period of time, with possible revenue escalators. However, Ostapyak does not foresee much chance of the price changing, he said.
Logistics Plus is pleased to announce it has acquired Jan Krediet, a well-known name in logistics worldwide with offices and warehouses in the #Netherlands. Read the details at https://t.co/AM0vOa7DRu pic.twitter.com/397SRszIVS — Logistics Plus Inc. (@LogisticsPlus) June 22, 2023
The Pennsylvania-headquartered company is looking at more deals in Europe, the executive said, but would prefer to grow organically, unless there is an opportunity such as the one that emerged with Jan Krediet.
Jan Krediet sought a buyer and Logistics Plus was extremely interested, Ostapyak said, adding that their cultures were aligned and Logistics Plus plans to retain the name Jan Krediet. The Dutch company is well known in high end furniture markets, he added.
Logistics Plus’ new unit is part of the Mach 3000 global furniture logistics network. Jan Krediet was founded in 1924 and has 250 trucks and vans as well as more than 60,000 square meters of warehousing space.
Jan Krediet has offices and warehouses in the Netherlands, Logistics Plus said. The Dutch company has offices and warehouses in Steenwijk, where its headquarters is located, and in Venlo.
Domestically, Logistics Plus is also open to different opportunities, Ostapyak said, but at the moment is focused on growing organically. However, “if everything aligns correctly, we would be open to going the acquisition route,” he said.
Ostapyak said Logistics Plus is seeing the market for warehousing slowing down.
Over the past few years, Logistics Plus grew its footprint in California and Arizona, boosting the company’s warehousing space to 6 million square feet, he said. Logistics Plus is looking at expanding its warehousing operations in Savannah and Atlanta, Ga., as well as Houston, Ostapyak said.
Previously in Houston, the company worked with partners rather than having its own facilities, he said.
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