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France-based contract logistics provider ID Logistics Group SA (IDL.PA) announced it has acquired activities and assets of Tampa, Florida-based global e-commerce solutions provider Jagged Peak for $15 million.
Jagged Peak offers end-to-end, omnichannel e-commerce solutions including order, warehouse and transportation management systems internally or through its network of partners throughout North America. Founded in 2000, Jagged Peak, along with sister outfit TradeGlobal, generated $80 million in revenue in 2018. The company generates a significant portion of its revenue from one client: coffee and espresso provider Nespresso, a subsidiary of Nestle SA (OTC:NSRGY).
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ID Logistics views the deal as an opportunity to open new markets and grow its footprint to include the U.S.
"This acquisition represents an exceptional strategic opportunity to extend the group's geographical footprint to a new continent. Beyond the American market, a country with very strong potential for our activity, this operation demonstrates the confidence and satisfaction of Nespresso, one of our long-standing customers who entrusts us with the management of its logistics flows in the United States," said ID Logistics Chairman and CEO Eric Hemar.
ID Logistics provides international contract logistics through its 300 facilities, including 5.5 million square meters of warehouse space across 18 countries in Europe, America, Asia and Africa. The company has approximately 20,000 employees and finished 2018 with 1.41 billion euros in revenue.
ID Logistics has generated 1.13 billion euros in revenue, 9% higher year-over-year, through the first nine months of 2019.
The deal is subject to regulatory approval and is expected to close by the end of 2019.
Image Sourced from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.