Following the late February announcement by France-based ID Logistics, in which the company stated that it signed an agreement to acquire 100% of Kane Logistics which is a Scranton based company that provides value-added warehousing and contract-based logistics services from the ownership group of Kane, Harkness Capital Partners. ID Logistics, which is an international logistics service provider, recently announced that deal is finally completed and the company has acquired Kane Logistics.
According to the officials of ID Logistics, the acquired company will now be added to ID’s existing portfolio in the United States under the moniker ID Logistics in the US. With a revenue of $350 million (Pro-forma, 2021) and also includes almost 3,000 associates in high turn distribution, high volume and other packaging centres. They also added that the team of Kane Logistics will manage all the US activities of ID Logistics. The purchase price of Kane was not disclosed in the previous announcement but the company has now shared that it was $240 million.
The geographic reach of ID Logistics covers a region of more than 7 million sq metres,
With a long history of past years, Kane Logistics was founded by the Kane family in the year 1930. Harkness Capital Partners acquired the company intending to build out the platform for Kane and boost the growth of the company. For the past three years, the company has successfully established itself as a major provider of contract logistics services in the industry, especially in the beverage manufacturers, consumer packaged foods, as well as specialists in distribution.
There is more to be added in the working of the company as Kane began focusing on the value-added services in the initial days, in collaboration with its traditional logistics services, the company has been able to increase its revenue by over 20% per year going back to the year 2019, taking the revenue to $235 million in 2021. Currently, the company has 20 hubs based out of the US and several ones in Pennsylvania and the remaining others in the regions like Georgia, Illinois, California and Ohio, covering the growth of 725,000 sq meters.
ID Logistics is an international logistics service provider.
A blog post by Kane from the month of February noted the working of ID Logistics and the services provided by the company including distribution and warehousing, transportation, temperature-controlled logistics, and also e-commerce. The company also added that the geographic reach of ID Logistics covers a region of more than 7 million sq metres of distribution space with a network of 17 countries with 350 sites, and a team of employees of around 25,000. The base revenue of ID Logistics is around $2.2 billion US dollars. Also, the chief commercial officer of Kane Logistics, Stan Schrader will take up the position of CEO of ID Logistics.
The amalgamation of the two companies will provide a great opportunity for both ID Logistics and Kane Logistics, to value their customers. According to Schrader, both companies have focused on delivering similar solutions to their consumers in the same industry, so the customers of both companies will also benefit from the complementary experience.
