MIQ Logistics acquired by unit of Spanish maritime firm Noatum

U.S. third-party logistics provider MIQ Logistics has been acquired by Noatum Logistics, the transportation, logistics and customs brokerage unit of Spanish-based Noatum Maritime, from private equity firm Austin Ventures. Terms of the transaction were not disclosed.

Once the deal closes in the next few weeks, Noatum Logistics will have about $600 million in annual revenue, the companies said in a statement. MIQ, based in Overland Park, Kansas, operates from more than 60 offices in 19 countries. Noatum Logistics operates in five countries.

Noatum Logistics will maintain keep its current agent network, while the MIQ and Noatum Logistics workforces will be integrated, the companies said. Chile is the only country where the two firms overlap.

The combination is also expected to create synergies with Noatum’s maritime and terminal operator businesses, the companies said.

A firm like MIQ, which provides a broad array of transport and logistics services, would likely fetch six to eight times earnings before interest, taxes, depreciation and amortization (EBITDA), according to Benjamin Gordon, head of BGSA Strategic Advisors, a transport and logistics advisory firm. Gordon would not comment on the purchase price range or on MIQ’s financial performance.

Founded in 2000, MIQ was once the logistics division of less-than-truckload (LTL) carrier YRC Worldwide, Inc. (NASDAQ:YRCW). YRC sold the unit, then known as YRC Logistics, to Austin Ventures in 2010 for $38.7 million. The operation was then re-branded as MIQ. The sale was part of YRC’s strategy to focus exclusively on its LTL operations.

MIQ has 15 locations in the U.S; 26 in Asia; 13 in Latin America, and 8 in Europe.