📊 Blue Wolf Capital Partners to acquire Logistec for $1.2 billion

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Blue Wolf Capital Partners to pay $1.2 billion to acquire Canadian marine transportation provider Logistec Logistec Corp. will be acquired for $1.2 billion by Blue Wolf Capital Partners LLC in partnership with Stonepeak, an alternative investment firm specializing in infrastructure and real assets. The acquisition will provide Logistec with $200 million in capital expenditures and growth initiatives. The company, which specializes in bulk, break-bulk, and container cargo handling in 60 ports and 90 terminals across North America, will maintain its headquarters in Québec. The acquiring firm aims to leverage this acquisition to drive further growth in Logistec's business segments and expand throughout North America. (link)

Ryder To Acquire Impact Fulfillment Services Ryder System Inc., a leading supply chain and fleet management solutions company, has announced its intention to acquire Impact Fulfillment Services (IFS). The acquisition of IFS will bring contract packaging and manufacturing capabilities to Ryder's portfolio, targeting consumer packaged goods, retail, and healthcare industries. The deal encompasses 15 IFS operations across several states and is expected to add approximately $250 million in annual revenue to Ryder's supply chain solutions business segment. The transaction is subject to antitrust approvals and customary closing conditions and is expected to be completed in early November 2023. Ryder plans to integrate IFS facilities and retain its workforce of approximately 1,000 employees. (link)

Kuehne+Nagel opens air logistics hub at the Charles de Gaulle Airport in Paris Kuehne+Nagel has opened a new air logistics hub at Paris Charles de Gaulle airport. With a capacity to handle 300 air freight pallets per week, the hub aims to strengthen Kuehne+Nagel's healthcare logistics solutions in the region. It offers direct access to runways and facilitates access to new markets in high-tech, luxury, aerospace, industrial, and automotive sectors. The hub also focuses on research and development and personalized medicine. It has been awarded the BREEAM Excellent certification for its energy efficiency and reduced carbon footprint. Equipped with photovoltaic solar panels, it saves approximately 26.4 tons of CO2 per year. (link)

Hemisphere to open warehouse at East Anglia’s first carbon-neutral logistics park Hemisphere Freight Services, a UK family-run logistics firm, is expanding its warehouse capacity by constructing a new 243,511 sq ft facility in the Suffolk Port One Logistics Park. The development, set to be completed by Q1 2024, will offer 34,750 racked pallet locations and additional bulk-loaded pallets. The warehouse will be based on East Anglia's first carbon-neutral logistics park, helping to reduce carbon emissions in the supply chain. The expansion aims to address the increasing demand for efficient warehousing space. With this investment, Hemisphere Freight Services can continue to provide comprehensive logistics services to its existing customers and accommodate future growth. (link)

Convoy is Closing its Doors on Core Business Operations Seattle-based digital freight broker Convoy is closing down its core business operations due to a combination of factors including a freight recession and a contraction in the capital markets. In a letter to employees, Convoy CEO and Co-Founder Dan Lewis explained that despite extensive efforts to drive revenue and cut costs, the company was unable to withstand the increasing pressures of the industry. Convoy, founded in 2015, aimed to connect shippers and carriers through its platform using machine learning models to efficiently match them. Having raised over $900 million, the closure comes as a result of challenging market conditions and a decrease in M&A activity. (link)

Volta Trucks Files for Bankruptcy After Supply Chain Fails Sweden's Volta Trucks AB is planning to file for bankruptcy due to a breakdown in its supply chain, which was caused by the failure of its battery supplier, Proterra Inc. The company fell short of its production targets as a result. This setback has negatively impacted Volta's ability to raise sufficient capital in an already challenging environment for electric vehicle players. However, just last November, Volta raised funds at a valuation of approximately $633 million as it prepared to ship its first trucks. The company, which employs around 850 people, had been targeting an initial public offering in 2024. (link)

California Trucking Association Sues to Block CARB Rule The California Trucking Association (CTA) has filed a federal lawsuit to block the enforcement of the California Air Resources Board's (CARB) Advanced Clean Fleets regulation. The regulation requires motor carriers in the state to transition their trucks to zero-emission vehicles starting as early as next year. The CTA argues that CARB's regulation violates federal laws and conflicts with the Federal Clean Air Act and the Federal Aviation Administration Authorization Act of 1994. The lawsuit seeks a preliminary and permanent injunction to prevent CARB from implementing or enforcing the regulation. The goal of CARB is to have fleets operating in the state be 100% electric by 2035, 2040, or 2045, depending on the size and type of truck. (link)

Amazon “excited to announce the expansion of Prime Air delivery” Amazon has announced the expansion of its Prime Air drone delivery system, with plans to offer drone delivery options to customers in the UK, Italy, and an additional US city starting in late 2024. The new drone delivery locations will add to Amazon's existing drone operations in the US, where they have been delivering packages weighing up to five pounds in under one hour for almost a year. Alongside the expansion, Amazon has unveiled the new MK30 drone design, which is faster, quieter, and lighter than previous models. Drone deliveries will also be integrated into Amazon's delivery network, allowing them to deploy drones from some Same-Day Delivery sites. (link)

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