Ryder to acquire Impact Fulfillment Services

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23/10/2023

PRESS RELEASE

MIAMI–(BUSINESS WIRE)– Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, announces it entered into a definitive agreement in the third quarter to acquire all of the outstanding equity of IFS Holdings, LLC, also known as Impact Fulfillment Services (IFS). IFS specializes in contract packaging, contract manufacturing, and warehousing for some of the largest and best-known consumer brands in the United States, primarily in the consumer packaged goods (CPG), retail, and healthcare industries. As part of the transaction, Ryder will acquire 15 operations across Florida, Georgia, Illinois, North Carolina, Ohio, Pennsylvania, Texas, Utah, and California.

The transaction is expected to add approximately $250 million in annual total revenue to Ryder’s supply chain solutions business segment and be accretive to shareholders. Ryder and IFS expect to complete the transaction in early November 2023, subject to satisfaction of antitrust approvals and customary closing conditions.

“The acquisition of IFS supports our strategy to accelerate growth in our supply chain business, providing Ryder with new capabilities that are complementary to our existing suite of services,” says Steve Sensing, president of supply chain solutions for Ryder. “Initially, the co-packaging and co-manufacturing services will roll into our CPG vertical; however, we see considerable opportunity to leverage these new capabilities across other industry verticals.”

IFS has built a blue-chip customer base with its proven model for co-packing and co-manufacturing in both food and non-food products, including a specialty in blending and filling dry powder and viscous products.

“Ryder already serves the top 10 U.S. food and beverage companies, and this acquisition will expand and strengthen our relationships with those customers while also attracting new customers in additional verticals, especially in retail, health, and beauty,” says Darin Cooprider, senior vice president of CPG for Ryder. “And IFS’ customer base will benefit from access to Ryder’s capabilities as a fully integrated port-to-door logistics provider.”

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