Officials at MNX, a global express air courier service, see opportunity in the sluggish air cargo market and uninspiring economy.
Chief Executive Officer Scott Cannon said while 2012 has been unkind to the air cargo industry in general, it has been a very good year for MNX. As the final touches on a year full of organic growth, the company recently added new offices in Amsterdam and Frankfurt. Next year, the goal is to add another six or seven offices starting with Russia and moving on to Switzerland and South America by the second half of the year.
The additions are all part of Cannon’s lofty goal to surpass revenues of $300 million in the next two years, he told American Shipper. While he wouldn’t detail specifics of the company’s financial outlook, that number, which Cannon thinks is within his reach, means the company has to see year-over-year growth in the double digits.
“When we get to that goal, it will be in the sand, and we’ll erase it and start a new goal,” he said. “We’re swimming up stream. The air cargo industry globally is miserable.”
While Cannon will remain aggressive in regard to organic growth, spreading the MNX brand to regional and local offices around the world, he’ll also keep his eye on acquisitions. The company has a long history of acquiring one firm a year, and Cannon doesn’t see that changing anytime soon. This appetite for other companies and new offices will now be propelled, in part, by The Riverside Co., a private equity firm that acquired MNX in November. Cannon said the deal provides MNX with needed capital to go out and expand the business.
Maintaining a strong growth rate in a miserable economy is important to MNX’s long-term goals, Cannon said. The company’s competitors are going through organizational changes, and he thinks this makes it the perfect time to grow his own organization.
“Now would be the time to strike — when people are distracted,” he said. “You don’t make money by expanding in good times. You have to take advantage of opportunities when they present themselves.” – Jon Ross
MNX sees opportunity in sluggish market
