New Zealand-based third party logistics firm Mainfreight Limited is buying Baltimore, MD-based Target Logistics for $53.7 million. The all-cash deal is designed to grow Mainfreight’s base of operations in the U.S. Founded in 1978, Mainfreight employs 3,000 people in New Zealand, Australia, Asia and the U.S.
“Acquiring Target is an important step in our plan to offer superior logistics services around the world,” said Don Braid, Mainfreight’smanaging director. “We look forward to growing our presence in the U.S. market with our combined freight forwarding and supply chain logistics capabilities.”
Under terms of the agreement, holders of Target Logistics’ common stock will receive $2.50in cash per share of common stock, representing a 36.6%increase over Target Logistics’ closing price on September 17, 2007.