Menlo agrees to buy Southeast Asian 3PL for $34 million
San Mateo, Calif.-based Menlo Worldwide, the global logistics subsidiary of Con-way Inc., has signed an agreement to buy the third-party logistics operations of Singapore’s Cougar Logistics Corp. Ltd. for a total price of $33.9 million.
Under terms of the agreement, Menlo will purchase Cougar Holdings Pte Ltd. and its primary subsidiary, Cougar Express Logistics, in a transaction that includes $28.2 million in cash and the assumption of $5.7 million debt. The deal is expected to close in about three months pending regulatory clearance and shareholder approval.
Cougar Express is a freight forwarding, warehousing, logistics and distribution management company with personnel, facilities and operations in Singapore, Malaysia and Thailand. It has a client base of nearly 200 Asia-based and global businesses and in its most recent fiscal year recorded $23 million in revenues.
“This acquisition is an excellent fit for Menlo, expanding our footprint in this important region with a successful logistics company that’s complementary in every respect,” said Robert L. Bianco Jr., Menlo’s president. “Cougar has a loyal customer base, talented employees with proven expertise, a track record of growth and solid market share. We’re gaining new capabilities that enhance our presence in Singapore and expand the value and breadth of services we can offer to customers throughout Asia.”