Stonepath Group buys 2 Brazilian logistics companies
The Stonepath Group, a Philadelphia-based owner and integrator of third-party logistics providers, has acquired majority shares in two logistics businesses in Brazil: Azteca International Logistics and Cargo Connection Logistics.
Azteca, based in Porto Alegre, provides transportation, freight forwarding, warehousing, distribution and supply chain services. Stonepath acquired a 70 percent interest in Azteca for $645,000 paid at closing, with additional amounts payable based on Azteca’s financial performance through 2009.
Cargo Connection, also located in Porto Alegre, offers truck brokerage, warehouse and consolidation services. The company also distributes shipments through Brazil’s MERCOSUR trade pact partners, Argentina, Paraguay and Uruguay. Stonepath acquired a 70 percent interest in Cargo Connection for $394,900 paid at closing, with additional amounts payable based on the company’s performance through 2009.
Azteca and Cargo Connection “represent a cost-effective way for us to enter the Latin America market,” said Bohn H. Crain, chief financial officer of the Stonepath Group.