C.H. Robinson Worldwide Inc. has purchased an international freight forwarder with revenues of more than $807 million.
Eden Prairie, Minn.-based C.H. Robinson acquired Chicago-based Phoenix International Inc. for $571.5 million in cash and $63.5 million in new C.H. Robinson stock, according to a C.H. Robinson news release.
In the fiscal year ending June 30, Phoenix generated gross revenues of $807 million, net revenues of $161 million and adjusted operating income of $48 million.
Phoenix provides freight forwarding services to 15,000 customers worldwide, and has 2,000 employees in 76 offices in 15 countries.
“Phoenix is a high-quality growth company that brings additional expertise and scale to a key part of our long-term growth strategy,” John Wiehoff, C.H. Robinson’s chairman and chief executive officer, said in the release.
Phoenix’s chief executive officer, Stephane Rambaud, will lead C.H. Robinson’s international freight forward services. Bill McInerney, Phoenix’s founder and executive chairman, is retiring.