ID Logistics focusing on US opportunities with Kane Logistics acquisition
In a move that it hopes will open up new opportunities in the North American market, ID Logistics has agreed to acquire 100% of the US-based contract logistics pure player, Kane Logistics.
In a statement issued on Monday (14 February), Eric Hémar, Chairman and CEO of ID Logistics commented: ‘The acquisition of Kane Logistics represents one of the most important external growth operations in the history of the company.
“After starting in 2001 with a few large retail customers that we were able to quickly support internationally, the company shifted to e-commerce and retail preparation in 2013 with the acquisition of CEPL. It then strengthened its presence in Europe with the recent acquisition of GVT in Benelux.
“Today, with the acquisition of Kane Logistics, we are opening up new prospects in North America, where we are enhancing our know-how, in particular with consumer package goods customers, and welcoming experienced and dynamic managers to our team.”
Founded in 1930 by the Kane family, Kane Logistics is a pure player in value-added warehousing and contract logistics. Since it was acquired by Harkness Capital Partners in 2019, the company has built up its relationships with consumer packaged goods and food and beverage manufacturers and has grown its revenues by more than 20% annually to reach $235 million by 2021. Kane Logistics now operates 20 hubs across the country with a strong presence in Pennsylvania, Georgia, Ohio, Illinois and California.
Tony Tegnelia, Lead Director and CEO of Kane Logistics, said: “I believe very strongly that the cultural fit between the two organisations is close to perfect. ID Logistics is the ideal next partner to move the Company forward, to serve our customers, and to help maintain our growth trajectory. Their cultural values are a mirror of our values, and they also have a very strongly committed management team.”