Odyssey, headquartered in Danbury, Conn., has agreed to pay $465 million in a combination of cash and equity in its largest acquisition to date, according to the announcement. Odyssey will add more than 35 global locations and 600 employees, bringing its workforce to more than 2,400 worldwide.
Odyssey said it provides comprehensive multimodal service and technology solutions across a diverse customer base and AFF is a third-party logistics provider and freight forwarder with market leadership in providing door-to-door domestic forwarding for U.S. offshore markets in Alaska, Hawaii and Puerto Rico.
The company said the acquisition of AFF, headquartered in Fife, Wash., supports its core strategy of operating an asset-light logistics business with the scope and scale to be a critical partner to both shippers and carriers worldwide.
Bob Shellman, president and chief executive officer of Odyssey, said the acquisition continues the company’s “expansion into the complex global multimodal logistics services arena that often presents considerable competitive barriers to market entry.
“AFF’s load consolidation expertise, U.S. offshore markets coverage, warehouse network and Asia Pacific import business will markedly enhance Odyssey’s strong truck, rail, marine and facility networks,” Shellman said.
The transaction is expected to close by the end of the year and is subject to the satisfaction of customary closing conditions.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now