C.H. Robinson has acquired The Space Cargo Group, Madrid, expanding its logistics reach with an emphasis on air and ocean shipping.
Space Cargo provides international freight forwarding, customs brokering and other logistics services in Spain and Colombia, according to a C.H. Robinson news release.
The purchase reflects C.H. Robinson’s strategy of and expanding global presence, Bob Biesterfeld, chief operating officer and CEO-elect.
“We look forward to working with Space Cargo’s customers to offer our full suite of logistics services to enhance their supply chains,” Biesterfeld said in the release. “Space Cargo’s leadership, expertise and strong customer and carrier relationships, combined with C.H. Robinson’s global service offerings and network, will also create more robust capabilities for our customers and add scale to our business.”
The purchase was for about $48 million in cash, and is expected to be accretive — adding value to C.H. Robinson’s bottom line — by the end of the year.
Space Cargo has seven offices in Spain and one in Colombia. For the fiscal year ending December 31, Space Cargo had approximately $84 million gross revenues.
C.H. Robinson’s Global Forwarding business serves five continents and 32 countries, from 125 offices, according to the release, and is the leading non-vessel operator from China to the U.S.
“We continue to look for ways to capitalize on the opportunity to grow globally, in part by acquiring leading local providers that share our commitment of best-in-class service and execution,” Biesterfeld said in the release. “This enables us to better support our customers of all sizes and enhance returns as we integrate these companies into our global business.”
