Janel acquires Ferrara’s “book of business”
Janel acquires Ferrara’s “book of business”
Jamaica, N.Y.-based logistics company Janel World Trade Ltd. said it has entered into a definitive agreement to acquire the customs operations “book of business” of Ferrara International Logistics Inc. of Elizabeth, N.J.
Janel said it expected the purchase would increase its revenue by more than 5 percent to $78 million to $80 million annually and contribute an additional $700,000 in earnings before interest, taxes depreciation and amortization.
“We are very pleased with the strategic acquisition of this book of business, which will be instrumental in expanding our international integrated logistics transport services business,” said James N. Jannello, chief executive officer of Janel World Trade Ltd. “A key factor in our decision to make this acquisition involves the expertise that Ferrara has in providing services to importers and exporters of food products. This significantly enhances our core competency in a critically important market for our organization and expands our logistical capabilities in such countries as Italy, Vietnam, Brazil and India, among others.
“With the availability of over 150,000 square feet of fully equipped warehouse space, plus a customs-bonded container freight station near major air, sea, rail and trucking hubs, acquisition of the Ferrara book will bring additional capacity, convenience, custodial care, and cost control capabilities to our mutual clients.”