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Forwarder JAS Worldwide announces 4th acquisition in past year

Deal expands Nordic, Baltic and Eastern European service

JAS Worldwide's looks to integrate recent acquisitions (Photo: Jim Allen/FreightWaves)

Global freight forwarder JAS Worldwide announced it has entered into an agreement to acquire the forwarding, logistics and supply chain management unit of Greencarrier Group.

Founded in 2000, Gothenburg, Sweden-based Greencarrier Freight Services International provides sustainable logistics solutions through 11 offices on both sides of the Baltic Sea as well as the U.K., Eastern Europe and China. The company’s 950 employees charter freight in all modes of transportation for more than 15,000 customers.

Terms of the share purchase agreement were not disclosed. The deal will close pending regulatory approvals.

“Through the acquisition of Greencarrier Freight Services, JAS is making a strategic acquisition to add to its position in the Nordic, Baltic, and Eastern European regions and strengthen existing operations in U.K. and China,” said Marco Rebuffi, CEO of JAS. “Our respective organizations have enjoyed a longstanding partnership, and we fully expect this to be a continuation of that great atmosphere of cooperation and shared entrepreneurial spirit.”

This will be the fourth acquisition for Atlanta-based JAS in the past year, all of which are in different geographic regions. Earlier this year, the company closed on the acquisition of Hong Kong-based forwarder Tigers Ltd. as well as Brazil’s Sonave Logistica.

The press release said JAS will focus on integrating all of the newly acquired companies once the Greencarrier Freight Services deal closes.

“This is a great match of businesses, and we are excited to continue the journey with our long-term partner, JAS Worldwide,” said Mikael Forsberg, CEO of Greencarrier Freight Services. “The two networks combined will enable us to offer our customers an even higher service level, broader solutions and access to a truly global network.”

Founded in Milan in 1978, JAS has approximately 5,000 employees at offices in more than 100 countries.

“In an ever-evolving freight market it is my true belief that scale, resilience and a multi-market approach will be key to more success in the future,” stated Stefan Björk, owner of Greencarrier AB. “That is why I am sincerely happy about handing over the torch to JAS Worldwide and the Greencarrier Freight Services leadership team to continue the good work and take care of our customers and employees.”

BNP Paribas (US OTC: BNPQY) is advising JAS on the transaction, and Greencarrier AB is being advised by PwC.

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.