"Part of our strategy is figuring out how to become a North American provider, not just a U.S. provider," said Sid Brown, CEO of NFI. "This acquisition will increase NFI's presence in Canada and increase our food and grocery market share. It's one of the largest perishable-oriented 3PLs in Canada."
"As part of NFI, we will now be able to provide even more customers with the nonstop door-to-door service on which our clients have come to rely, without any breaks in the supply chain," said Rob Rusnov, president of IPD. "Our logistics and transportation brokerage services will further enhance NFI's already wide range of offerings."
This is the latest in a string of acquisitions by NFI. Last year, the company purchased Network Logistic Solutions, a logistics and contract warehousing management company with locations in Jacksonville, Fla., Savannah, Ga., and Muskogee, Okla. Network Logistic Solutions is now part of NFI Distribution, the warehouse and distribution division of NFI.
In 2009, IPD's annual revenue totaled approximately $50 million. "Through this acquisition and other growth, such as that generated by the expansion of our transborder services with truck and rail, we expect that NFI's annual revenue for 2010 will reach $900 million," said Brown.
EVE Partners, a merchant bank focused exclusively on transportation and logistics, represented IPD in the transaction.