GlobalTranz Enterprises Inc., a technology-driven third-party logistics solutions provider, announced Thursday that it had signed a definitive agreement to acquire AFN Logistics.
The company said in its announcement that the acquisition “further solidifies GlobalTranz’s position as a top freight brokerage firm and significantly increases its market share in 3PL services.”
The transaction is expected to close within 45 days.
AFN CEO Owen Schnaper said combining the companies provides “a bigger platform with differentiated technology.”
Bob Farrell, chairman and chief executive officer of GlobalTranz, said, “AFN has leveraged people, processes and technology to create unique solutions for its customers and develop strong carrier partnerships. Combining GlobalTranz’s and AFN’s network and technology along with the best talent in the industry creates a company that will exceed $1.5 billion in revenue and will further accelerate our growth and market leadership in the 3PL industry.”
GlobalTranz recently announced The Jordan Company as its new equity partner. Brian Higgins, senior partner at TJC, said, “GlobalTranz is executing on its strategy to drive market leadership by strong organic and acquired growth. AFN is a strong fit with this strategy.”