C.H. Robinson has completed the acquisition of an Australian freight forwarding firm and customs brokerage. The cost was more than $225 million.
APC Logistics, a private company based in Melbourne, Australia, has been an exclusive agent for Eden Prairie-based C.H. Robinson for years. The deal, closed on Sept. 30, adds APC's more than 3,000 customers and suppliers in Australia and New Zealand into Robinson's fold.
"By joining C.H. Robinson, we are building on the business we have done together for more than 16 years," said Tony Considine, chief executive of APC Logistics, in a statement.
APC has seven offices in Australia and two offices in New Zealand and employs about 300 people. For its fiscal year ended June 30, APC had revenue of about $251 million.
"We are excited that APC Logistics is now part of C.H. Robinson," John Wiehoff, chairman and chief executive of C.H. Robinson, said in the statement. "The marketplace response to this acquisition has been extremely positive since the announcement. We welcome APC's customers and suppliers and our new colleagues to C.H. Robinson."
C.H. Robinson will finance the acquisition with its existing revolving line of credit. C.H. Robinson expects the deal to be "modestly accretive to earnings."
APC Logistics, founded in 1974, will be added to C.H. Robinson's Global Forwarding division and will add an Oceania division to accommodate the geographic expansion. The Global Forwarding business of C.H. Robinson does business on four continents and with 37 countries.
C.H. Robinson has about 13,000 employees in more than 280 offices worldwide.