Milling & Baking News - December 9, 2014 - (Page 13)

Business C.H. Robinson to acquire Freightquote for $365 million EDEN PRAIRIE, MINN. - C.H. Robinson, a global provider of multimodal transportation services and logistics solutions, has agreed to acquire Freightquote.com, Inc. for $365 million in cash. C.H. Robinson said it plans to increase its existing revolving credit facility to finance the acquisition, which is expected to close in the first quarter of 2015. Freightquote is a privately-held freight broker providing services throughout North America. The company's 2014 gross revenues are projected to be approximately $623 million while net revenues are projected to be approximately $124 million and adjusted EBITDA is projected to be approximately $34 million. Founded in 1999 by Tim Barton, Freightquote is one of the largest Internet-based freight brokers in the United States, providing truckload, less than truckload and intermodal services to approximately 80,000 customers. The company is based in Kansas City and employs about 1,000. "Freightquote is a high quality, innovative, growth company that brings a proven model serving smaller businesses," said John Wiehoff, chairman and chief executive officer of C.H. Robinson. "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. Along with their track record of success, Freightquote has an established brand, a talented management team, excellent people and a performance-based company culture." Mr. Wiehoff continued, "Freightquote brings synergies to our less than truckload and truckload businesses as well as a talented technology team EXPERIENCE in business counts. with expertise developing a great ecommerce store front experience. We look for quality companies, and Tim has built a great model and team at Freightquote." Scott Satterlee, senior vice-president of North America Surface Transportation at C.H. Robinson, said adding Freightquote will increase the company's market share with small businesses and significantly expand C.H. Robinson's presence in the Kansas City market. "Freightquote will operate as one of our flagship operations in Kansas City, and we plan to continue to aggressively grow the operations there," Mr. Satterlee said. Mr. 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," Mr. Barton said. "The two companies complement each other, and together we are well positioned for success into the future." MBN Learning from it counts more. Success is never guaranteed. But for almost 150 years, Commerce Bank has helped businesses find the resources and capital to grow regardless of economic circumstances. We offer: Access to local decision makers Relationship managers invested in your success In-depth knowledge and experience in your industry Put our experience - and our knowledge - to work for your business. © 2014 COMMERCE BANCSHARES, INC. bakingbusiness.com / world-grain.com commercebank.com / 816.234.2476 Milling & Baking News December 9, 2014 / 13 http://www.Freightquote.com http://www.commercebank.com http://www.bakingbusiness.com http://www.world-grain.com

Table of Contents for the Digital Edition of Milling & Baking News - December 9, 2014

Milling & Baking News - December 9, 2014
January-September flour output sets new record, rises 0.9%
Consumer Reports casts doubts on merits of gluten-free diet
Late News - Reading to double facility’s size
Table of Contents
News Comment - Finally, commodity relief for grain-based foods
Editorial - India agreement offers hope for W.T.O.
Late News
Luna shifting line of bars to gluten-free ingredients
Business - Fire damages Canada Bread baking plant in Ontario
Girl Scout Cookies enter digital age
Sosland Publishing relocating company headquarters
Cargill reaches settlement, to change labels in Truvia case
C.H. Robinson to acquire Freightquote for $365 million
Financial Results - Campbell Soup baking unit profits strong; U.S. business soft
Charges bog down Post profit; adjusted EBITDA up sharply
Aryzta revenue in North America grows through acquisitions
ADM growth plans include Wild and Brazilian oilseeds
Input costs, plant start-up costs hinder Weston Foods
People - Mayo Schmidt to join Louis Dreyfus as c.e.o.
George Deese to retire as executive chairman at Flowers
Ready-to-eat Cereal Update - Cereal makers seek fresh start
Regulatory Affairs - Air emission calculation for particulate matter: Flour
Industry Activities - Wild, wild East: NAMA given ‘tour’ of Southeast Asia milling industry
AIB names new director of food safety services innovation
Nutrition and Health - USA Rice Federation disputes latest arsenic report
Supplier Innovations
Ingredient Market Trends - Grain volume requirements for Canadian railroads extended
Ingredient Week
Classifieds
Marketplace Business Network
Ad Index
Archive

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