C.H. Robinson has expanded its global network with the acquisition of The Space Cargo Group (Space Cargo) for approximately €42 million (approximately US$48 million) in cash.
The deal was made on 28 February, 2019. Space Cargo is a provider of international freight forwarding, customs brokerage, and other logistics services in Spain and Colombia.
The acquisition is expected to be accretive in 2019 and will be financed through existing cash.
C.H. Robinson chief operating officer and chief executive officer (CEO)-elect, Bob Biesterfeld said the acquisition of Space Cargo advances its strategy of expanding its presence globally.
He added: “We look forward to working with Space Cargo’s customers to offer our full suite of logistics services to enhance their supply chains. Space Cargo’s leadership, expertise and strong customer and carrier relationships, combined with C.H. Robinson’s global service offerings and network, will also create more robust capabilities for our customers and add scale to our business.”
Biesterfeld added: “We continue to look for ways to capitalize on the opportunity to grow globally, in part by acquiring leading local providers that share our commitment of best-in-class service and execution. This enables us to better support our customers of all sizes and enhance returns as we integrate these companies into our global business.”
Space Cargo is a provider of ocean and air freight forwarding, in addition to providing customs brokerage and other logistics services, to over 2,500 active customers.
Headquartered in Madrid, Spain, Space Cargo has approximately 170 employees and has seven offices in Spain and one office in Colombia. For the fiscal year ending 31 December, 2018, Space Cargo had approximately €74 million (approximately US$84 million) in gross revenues.
“We are excited to join C.H. Robinson, the best third-party logistics provider, and build on the business we have done together for more than 10 years,” said Space Cargo CEO, Jordi Pellice. “We believe this partnership will position us to better serve our customers and promote continued growth by leveraging C.H. Robinson’s worldwide network and diverse service offerings.”
C.H. Robinson’s Global Forwarding business currently serves five continents and 32 countries, with over 4,000 employees and 125 offices worldwide. It will integrate Space Cargo into its forwarding division and single global technology platform, Navisphere.