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UK-based freight forwarder and logistics group EV Cargo is set to significantly expand its continental European presence, agreeing to acquire Dutch forwarder Fast Forward Freight.
EV Cargo said the acquisition, for an undisclosed amount, would add around $170m in annual revenue, “resulting in pro forma combined revenue of approximately $1.7bn”.
It will triple EV Cargo’s European workforce to over 400 staff and more than double EV Cargo’s global air freight uplift to over 100m kg.
EV Cargo will become the sole shareholder of Fast Forward Freight, whose current owners will become EV Cargo shareholders, Fast Forward Freight will be rebranded as EV Cargo and the operations of the two companies merged.
Heath Zarin (above), founder and CEO of EV Cargo, said: ““Fast Forward Freight shares our commitment to providing innovative technology-enabled solutions and has a strong history of providing supply chain control towers to its customer base of world leading brands. This transaction helps us grow the EV Cargo global network, adding excellent colleagues, capabilities and customers.”
Marc Terpstra, founder and CEO of Fast Forward Freight, added: “EV Cargo is focused on providing an innovative technology platform, blending proprietary and industry leading technology based on a deep understanding of its customers. Fast Forward Freight shares this focus. Our combination with EV Cargo will provide increased opportunities for our people and expanded solutions for our customers.”
In December, Loadstar Premium ran an exclusive analysis on the mounting M&A speculation surrounding EV Cargo.
Born out of the erstwhile UK forwarder Allport Cargo Services, EV Cargo was founded in 2018 by Mr Zarin’s private equity fund, EmergeVest. It has subsequently expanded into trucking, warehousing and applet distribution through the acquisitions of haulage firm CM Downton, its 4PL sister company Jigsaw, pallet network Palletforce and perishables logistics specialist NFT.
Fast Forward Freight was founded in 1995 and is headquartered at the Dutch air freight hub of Schiphol.