The Memphis-based third party logistics provider ReTrans Inc. is being purchased by the Kuehne + Nagel Group, the latest in a series of moves by companies extending their reach into trans-Atlantic freight.
The move by the Swiss company, considered on of the largest global third party logistics providers in the world, is expected to significantly strengthen its position as an end-to-end logistics provider in North America.
Terms of the deal have not been released, and it faces approval by U.S. regulators.
ReTrans had annual revenue of more than $500 million last year with nearly 70 locations and more than 300 employees.
“The transaction with ReTrans underlines our strategy to grow organically and through complementary acquisitions,” said Detlef Trefzger, CEO of Kuehne and Nagel. “Our customers will benefit from comprehensive end-to-end supply chain solutions in North America. Combined with our strong seafreight, airfreight and contract logistics operations, this transaction will accelerate our growth.”
“By acquiring ReTrans we obtain expertise in intermodal transportation with direct access to the most important North American railroad companies, an innovative [less-than-truckload] brokerage business and a platform to provide managed transportation services,” Stefan Paul, the company’s executive vice president for overland, said in a statement.
According to the Journal of Commerce, Kuehne and Nagel had more than 63,000 employees in more than 100 countries with $23.4 billion in revenue last year
“We are excited and looking forward to significantly growing our business with ReTrans and Kuehne and Nagel’s customers," says David Wedaman, president of ReTrans, who will take over the combined responsibility for the ReTrans and Kuehne + Nagel overland business in the U.S.
The move follows U.S.-based XPO Logistics purchase this spring of France’s Norbert Dentressangle and FedEx’s pending acquisition of Netherlands-based TNT Express.