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CP Ships has taken over the freight forwarding company Borg International Freight Services Inc, its second acquisition of a Canadian-based forwarder in less than two years.
The purchase of Montreal-based Borg International Freight Services, which specializes in ocean and air freight forwarding and employs 22 people, follows the acquisition of Montreal-based ROE Logistics in March 2004.
Terms of the acquisition of Borg International Freight Services were not disclosed. CP Ships said this company had annual gross revenue in 2004 of $14 million.
“The acquisition of Borg is a continuation of our plan to selectively develop logistics services as a way of leveraging strong regional market positions and adding value to our core container services,” said Ray Miles, chairman of CP Ships.
Borg’s owner and founder, Richard Azoulay, is assuming a management role within the CP Ships logistics organization.
CP Ships acquires second Canadian forwarding company
