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US-headquartered freight forwarder MIQ is set to be sold to Spanish maritime and logistics group Noatum Maritime, in a deal that was first predicted by The Loadstar Premium in early January.
Given that MIQ’s current owner is private equity firm Austin Ventures, which bought it from US trucking company YRC Worldwide in 2010, the purchase price has not been disclosed, although in a statement Noatum said the consolidated revenues of its freight operation Noatum Logistics and MIQ would be over $600m.
Antonio Campoy, chief executive of Noatum Maritime, said: “Once the agreement has been concluded, with this acquisition, our Group will make a strategic leap.
“In a complex global context, in which business specialisation and the value of the logistics chain are crucial, Noatum Maritime will be significantly enhancing its international presence with the acquisition of MIQ Logistics, which will become part of our Noatum Logistics division.”
Noatum added that there were unlikely to be redundancies, and ait would additionally seek to keep its agency network intact.
“Noatum Logistics will keep its current network of agent partners and continue to work to strengthen its relationships.
“Both workforces of MIQ Logistics and Noatum Logistics will be integrated, as there is no geographical overlap except in Chile, where the services complement each other,” it said.
Rafael Torres, chief executive of Noatum Logistics, explained: “MIQ Logistics has the same strategic business vision related to industrial diversification, and we will be almost tripling our direct territorial presence with different offices and locations.
“Both companies fully complement each other, and Noatum Logistics will have a global reach for the benefit of all our clients.”
John Carr, chief executive of MIQ Logistics, added: “We are excited to be part of Noatum Logistics, which will give us industrial strength and the capacity for development. Together, we will be able to grow more quickly, ensuring our employees and clients’ satisfaction at all times. This is the right move, at the right time with the right company.”
Noatum Maritime has three divisions – Noatum Maritime, offering maritime services such as ship agency functions; Noatum Logistics offering freight forwarding and warehousing services; and Notaum Terminals, a network on smaller facilities in Spain which remained on its books after its main container terminals were acquired by Cosco in 2017.