Former UPS target World Courier acquired by US healthcare specialist
World Courier Group, the US-based global logistics company that was reportedly an acquisition target for UPS last year, is now set to be sold to US healthcare giant AmerisourceBergen Corporation. The privately-held Group, which specialises in biopharmaceutical transport and storage, signed a “definitive agreement” with the pharmaceutical services company yesterday for a $520m in cash.
AmerisourceBergen sees the deal as particularly supporting its ambitions to expand its distribution services outside North America, since World Courier operates in 52 countries.
The transaction is subject to regulatory approvals, but is expected to close by the end of June.
The companies said World Courier Group would become a new operating segment within AmerisourceBergen, a Pennsylvania-based company ranked 27th in the Fortune 500 last year with more than $80bn in annual revenue drawn from the distribution of medical supplies.
Based in Stamford, Connecticut, World Courier has 137 offices, 13 accredited medical storage depots and about 2,500 employees.
The company is expecting an annual revenue of around $500m in 2012.
“Capabilities and expertise”
Steven H Collis, the president and CEO at AmerisourceBergen, which claims to handle about 20% of all pharmaceuticals sold in the US, said adding World Courier would bring a new premium specialty service to his company, and open the door to markets overseas.
He said: “The addition of World Courier’s unique capabilities and expertise to our existing commercialisation services further strengthens our offerings to global pharmaceutical manufacturers, and provides an established platform for the introduction of our specialty services outside North America.”
World Courier was founded in 1969 and currently claims over 500 biopharmaceutical companies as clients. The company has particular expertise in clinical trial logistics, with its network set up for temperature-controlled and time-critical deliveries.
With most of the world’s major integrators looking to expand their share of the high-growth healthcare segment at the moment, UPS saw its talks over a potential $500m acquisition stall towards the end of 2011 according to US media at the time.
Following the acquisition by AmerisourceBergen, World Courier’s president, Wayne B Heyland, is set to remain in his position, reporting directly to Collis.
Heyland said of the deal: “Our shared values and similar cultures will ensure the smooth integration of our premium services, which will help both of our organisations take advantage of the tremendous growth opportunities that lie ahead, particularly in international markets.”
