C.H. Robinson Purchasing Freightquote.com for $365 Million
The third-party logistics provider C.H. Robinson Worldwide Inc. has reached an agreement to acquire Freightquote.com Inc. for $365 million in cash.
Founded in 1999, Freightquote is a privately-held freight broker providing services throughout North America, It is headquartered in Kansas City, Missouri, with approximately 1,000 employees,
Freightquote provides truckload, less-than-truckload and intermodal services to approximately 80,000 customers, according to a release from C.H. Robinson. Its 2014 gross revenues are expected to be approximately $623 million, net revenues are projected to be approximately $124 million and adjusted earning are estimated to be approximately $34 million.
The agreement is subject to certain customary closing conditions, including regulatory approval. Closing of the acquisition is expected to occur in the first quarter of 2015.
“Freightquote is a high quality, innovative, growth company that brings a proven model serving smaller businesses. Its proprietary e-commerce technology allows shippers to easily access competitive rates and automated load acceptance and payment functionality. E-commerce is going to be a bigger part of future supply chain services and Freightquote brings us a leading solution in our industry,” said John Wiehoff, C.H. Robinson chairman and chief executive officer. “Freightquote brings synergies to our less-than-truckload and truckload businesses as well as a talented technology team with expertise developing a great e-commerce store front experience.”
Tim Barton, executive chairman of Freightquote, will serve as a consultant to Freightquote following the closing of the acquisition.