CH Robinson goes into Space with €42m Spanish forwarder acquisition
05 / 03 / 2019
US freight forwarder CH Robinson acquired Spanish forwarder Space Cargo Group for €42m ($48m) in cash as part of a strategy to expand its global footprint.
Space Cargo, headquartered in Madrid, provides international freight forwarding, customs brokerage, and other logistics services in Spain and Colombia.
For the fiscal year ending December, 2018, Space Cargo had approximately €74m in gross revenues.
The acquisition is expected to be accretive in 2019 and will be financed through existing cash.
“The acquisition of Space Cargo advances our strategy of expanding our presence globally,” said Bob Biesterfeld, chief operating officer and chief executive-elect of CH Robinson.
He continued: “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 CH Robinson’s global service offerings and network, will also create more robust capabilities for our customers and add scale to our business.”
Biesterfeld said that CH Robinson continues to look for ways to “capitalise on the opportunity to grow globally,” in part by acquiring leading local providers.
“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, with more than 2,500 active customers, has approximately 170 employees at seven offices in Spain and one office in Colombia.
Jordi Pellice, chief executive of Space Cargo, said: “We are excited to join CH Robinson, the best third-party logistics provider, and build on the business we have done together for more than 10 years.”
CH Robinson’s global forwarding business has over 4,000 employees and 125 offices worldwide.
Mike Short, president of CH Robinson’s global forwarding division, said: “Space Cargo has a proven track record of success, and we will benefit from the company’s outstanding presence in Spain and Colombia.”
CH Robinson will integrate Space Cargo into its global forwarding division and single global technology platform, Navisphere.
