CH Robinson has reached an agreement to acquire Freightquote.com for $365m (£232m), with expectation that the acquisition will be completed in the first quarter of 2015.
Privately held North American freight broking service Freightquote.com is projecting revenues of $623m for the calendar year 2014, with net revenues expected to reach $124m equating for adjusted EBITDA of approximately $34m.
It provides truckload, less than truckload and intermodal services.
“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, CH Robinson chairman and chief executive officer. “Along with their track record of success, Freightquote has an established brand, a talented management team, excellent people, and a performance-based company culture.”
Founded in 1999, Freightquote.com is one of the largest US internet-based freight brokers. Headquartered in Kansas, it serves approximately 80,000 customers. Founder, Tim Barton, is to serve as a consultant following completion of the acquisition.
“We spent a long time looking for the right strategic partner and are pleased to join the CH Robinson organisation,” said Tim Barton. “The two companies complement each other and together we are well positioned for success into the future.”