Radiant Logistics announced Tuesday that it has acquired an 80% equity stake in Mexico City-based transportation and logistics provider Weport.
Privately held Weport offers ocean and airfreight forwarding and multimodal domestic services. The company also provides value-added services, including customs brokerage and warehousing.
Financial terms of the transaction were not disclosed.
Similar to Radiant’s (NYSE: RLGT) past acquisitions, the purchase price will be based on future financial performance and Radiant has an option to acquire the remaining 20% of the acquired entity.
“We have been looking for the right next transaction to complement the Radiant network and solidify our capabilities in Mexico and we found it in Weport,” said Bohn Crain, Radiant founder and CEO, in a news release. “In addition to supporting Radiant’s legacy and prospective customers across Mexico, Weport is well positioned to serve as a platform to help us continue to scale our North American footprint.”
Weport will continue to operate under its banner with current leadership remaining in place. It will transition to the Radiant name next year.
“I am excited for the opportunity to leverage our own strengths along with the capabilities of the larger Radiant network to bring additional value to our customers, while supporting the broader Radiant Network here in Mexico,” said Ricardo Rochman, Weport founder.
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