C.H. Robinson has reached agreement to acquire Freightquote.com for $365 million in cash.
Freightquote is a privately-held freight broker providing services throughout North America. Freightquote’s calendar 2014 gross revenues are projected to be approximately $623 million, net revenues are projected to be approximately $124 million and adjusted EBITDA is projected to be approximately $34 million, C.H. Robinson said.
Founded in 1999 by Tim Barton, Freightquote is one of the largest internet-based freight brokers in the United States. Headquartered in Kansas City, MO, with approximately 1000 employees, Freightquote provides truckload, less than truckload and intermodal services to approximately 80,000 customers.
“Freightquote is a high quality, innovative, growth company that brings a proven model serving smaller businesses. Its proprietary e-commerce technology allows shippers to easily access competitive rates and automated load acceptance and payment functionality. E-commerce is going to be a bigger part of future supply chain services and Freightquote brings us a leading solution in our industry,” said John Wiehoff, C.H. Robinson chairman and chief executive officer. “Along with their track record of success, Freightquote has an established brand, a talented management team, excellent people, and a performance-based company culture.”
Tim Barton, Executive Chairman of Freightquote, will serve as a consultant to Freightquote following the closing of the acquisition.
“We spent a long time looking for the right strategic partner and are pleased to join the C.H. Robinson organization,” said Barton. “The two companies complement each other and together we are well positioned for success into the future.”