FRENCH forwarding giant geodis has signed an agreement to acquire the American company, Need It Now Delivers, in a move to significantly increase its presence in the US in the areas of contract logistics and last-mile delivery.
Geodis' CEO Marie-Christine Lombard said: 'The acquisition of Need It Now Delivers is a key step through which we will strengthen and diversify our offerings in the US. This new acquisition represents an important milestone as we continue to progress on our strategic plan, Ambition 2023.'
Need It Now Delivers operates an expansive domestic road freight network with more than 65 company locations and 300 distribution points, providing strong national coverage, particularly in the eastern US.
Owned in part by management along with the private equity fund Palm Beach Capital, the New Jersey-based company, which was founded in 1987, employs approximately 2,000 people and is expected to reach revenues close to US$750 million in 2022.
'Our US supply chain business has consistently grown over the last 10 years,' said Mike Honious, Geodis in Americas president and CEO. 'With the services, capabilities, and the leadership team of Need It Now Delivers, we will expand our offerings and support the growth strategies of our customers.'
Eric Mautner, CEO of Need It Now Delivers, said: 'Together with Geodis, our teams can continue to build upon this momentum to provide customers with a more expansive network of flexible, efficient and reliable services that will ultimately allow us to successfully meet projected industry dynamics such as continued e-Commerce growth and increasingly complex supply chains that require the need for omnichannel capabilities.'
The acquisition is subject to regulatory review and approvals, which are expected to be obtained by end of 2022. Both companies will operate as independent businesses and run their operations as usual until that time, Geodis said in a statement.
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Geodis' CEO Marie-Christine Lombard said: 'The acquisition of Need It Now Delivers is a key step through which we will strengthen and diversify our offerings in the US. This new acquisition represents an important milestone as we continue to progress on our strategic plan, Ambition 2023.'
Need It Now Delivers operates an expansive domestic road freight network with more than 65 company locations and 300 distribution points, providing strong national coverage, particularly in the eastern US.
Owned in part by management along with the private equity fund Palm Beach Capital, the New Jersey-based company, which was founded in 1987, employs approximately 2,000 people and is expected to reach revenues close to US$750 million in 2022.
'Our US supply chain business has consistently grown over the last 10 years,' said Mike Honious, Geodis in Americas president and CEO. 'With the services, capabilities, and the leadership team of Need It Now Delivers, we will expand our offerings and support the growth strategies of our customers.'
Eric Mautner, CEO of Need It Now Delivers, said: 'Together with Geodis, our teams can continue to build upon this momentum to provide customers with a more expansive network of flexible, efficient and reliable services that will ultimately allow us to successfully meet projected industry dynamics such as continued e-Commerce growth and increasingly complex supply chains that require the need for omnichannel capabilities.'
The acquisition is subject to regulatory review and approvals, which are expected to be obtained by end of 2022. Both companies will operate as independent businesses and run their operations as usual until that time, Geodis said in a statement.
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