Acquisition of International Company will Broaden Services in Perishable Transport across North America
NFI, one of the country’s most diverse supply chain solutions companies, today announced the acquisition of IPD, a global transportation and logistics company based in Mississauga, Canada, specializing in perishable-based air and ocean transport, intermodal and truck brokerage services.
“This acquisition will allow us to provide our current and new customers with even greater access to reliable and efficient perishable shipping routes across North America. As one of the largest perishable-oriented 3PLs in Canada and a CN wholesaler, IPD has a strong relationship with that country’s national railroad, which will be a great asset to NFI’s Intermodal division.” said Sid Brown, Chief Executive Officer of NFI.
IPD President Rob Rusnov added, “As part of NFI, we will now be able to provide even more customers with the nonstop door-to-door service on which our clients have come to rely, without any breaks in the supply chain. IPD shares NFI’s commitment to excellent performance, strong management and dependable ‘Just in Time’ customer service.”
“IPD’s non-asset based transport services, specializing in inbound and cross-border routes, offers a perfect complement to NFI, with its strengths in outbound transport and dedicated fleets, and its widespread distribution and warehousing network. Our logistics and brokerage services will further enhance NFI’s already wide range of offerings,” said Rusnov. “Now all of our clients and potential clients on both sides of the border will have access to our combined expertise.”
In 2009, IPD’s 2009 annual revenue totaled approximately $50 million. ‘Through this acquisition and other growth, such as that generated by the expansion of our transborder services with truck and rail, we expect that NFI’s annual revenue for 2010 will reach $900 million,” said Brown.
EVE Partners, LLC, a merchant bank focused exclusively on transportation and logistics, represented IPD in the transaction. Tom Connolly, Managing Director with EVE, said, “The acquisition of IPD by NFI presents a powerful combination that will enhance their competitive position in the marketplace.”