French contract logistics provider ID Logistics is continuing to grow through acquisition, announcing Wednesday that it has agreed to buy the American third party logistics provider (3PL) Kane Logistics.
Terms of the deal were not disclosed, but Scranton, Pennsylvania-based Kane had revenues of $235 million in 2021 and was held by Harkness Capital Partners, which had bought an ownership stake in the company in 2019.
Kane operates 6 million square feet of both dedicated distribution centers (single client) and shared distribution centers (multiple clients) spanning all regions of the U.S. According to the firm, the Kane management team has been asked to stay in place after the transaction closes, with Chief Commercial Officer Stan Schrader being elevated to CEO of ID Logistics, US, reporting to Christophe Satin, chief operating officer, director, and investor in ID Logistics.
By taking over that network, ID Logistics said it will expand its presence in the U.S. with 20 new locations, a new portfolio of customers, and experienced management.
The move follows a recent string of acquisitions by the Orgon, France-based company, according to ID Logistics Chairman and CEO Eric Hémar. “The acquisition of Kane Logistics represents one of the most important external growth operations in the history of the company,” Hémar said in a release. “After starting in 2001 with a few large retail customers that we were able to quickly support internationally, the company shifted to e-commerce and retail preparation in 2013 with the acquisition of CEPL. It then strengthened its presence in Europe with the recent acquisition of GVT in Benelux.”
ID Logistics recently bought the French last mile delivery specialist Colisweb in 2022. Before that, it bought GVT Transport & Logistics in 2021, gaining 12 sites, more than 750 employees, 2.1 million square feet of warehouse space, and a fleet of 285 trucks throughout the Netherlands and Belgium. And in 2019, it bought the Florida-based e-commerce logistics provider Jagged Peak for $15 million.
Overall, ID Logistics today has revenue of $2.2 billion for fiscal 2021, and manages 350 sites across 17 countries, representing nearly 75 million square feet of warehousing facilities in Europe, America, Asia and Africa, with 25,000 employees.
Kane Logistics enters into agreement to be acquired by ID Logisticshttps://t.co/jTegWywbCt— Kane Logistics (@kanelogistics) February 14, 2022
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