• ITVI.USA
    15,536.540
    74.080
    0.5%
  • OTLT.USA
    2.754
    0.002
    0.1%
  • OTRI.USA
    20.490
    -0.180
    -0.9%
  • OTVI.USA
    15,507.170
    69.970
    0.5%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,536.540
    74.080
    0.5%
  • OTLT.USA
    2.754
    0.002
    0.1%
  • OTRI.USA
    20.490
    -0.180
    -0.9%
  • OTVI.USA
    15,507.170
    69.970
    0.5%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American Shipper

C.H. Robinson reaches $225m agreement for APC Logistics

The Eden Prairie, Minn.-based third-party logistics provider C.H. Robinson reached an agreement to acquire Melbourne, Australia-based freight forwarder and customs broker APC Logistics.

   C.H. Robinson, a top five global third-party logistics provider, on Wednesday said it has reached an agreement to acquire Melbourne, Australia-based freight forwarder and customs broker APC Logistics for about $225 million in cash.
   The move is part of the Eden Prairie, Minn.-based company’s strategic expansion into the international transportation market, which began four years ago with the acquisition of Phoenix International.
   Until then, C.H. Robinson was mostly known as the dominant truck broker in the United States and a provider of other transportation management services. It slowly and organically was growing in international freight management, but the Phoenix purchase catapulted it into the ocean and air forwarding big leagues, especially in the U.S.-Asia trade lane.
   Privately held APC Logistics provides ocean, air, customs brokerage and consultancy services, currently serving more than 3,000 customers and suppliers. Founded in 1974 and headquartered in Melbourne, Australia, APC Logistics employs approximately 300 people and has seven offices in Australia and two offices in New Zealand. APC had $334.2 million AUD (U.S. $251 million) in total revenues for the fiscal year ended June 30.
   The transaction is pending normal regulatory approval and other closing conditions.
   C.H. Robinson’s Global Forwarding business currently serves four continents and 37 countries, with approximately 3,500 employees and 109 offices worldwide, and is the largest NVO from China to the United States. It is the fifth-largest 3PL based on gross revenues of $13.5 billion, according to data compiled by Armstrong & Associates.
   “APC Logistics is a high quality company with a proven track record of success. Combining their expertise and strong customer and carrier relationships with C.H. Robinson’s service offerings and network will create more robust capabilities for our customers and add scale to our business,” Mike Short, president of C.H. Robinson’s Global Forwarding division, said in a statement.
   Investment bank and analyst Stifel said it projects the deal will close in the fourth quarter of 2016. Stifel said it is increasing its 2016, 2017 and 2018 earnings per share estimates for C.H. Robinson from $3.78, $4.05 and $4.40, respectively, to $3.79, $4.10 and $4.50.

 

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