Odyssey Logistics & Technology Corp., a Danbury, Conn.-based provider of managed logistics services, has acquired International Forwarders Inc., a Charleston, S.C.-based export freight forwarder and customs house broker. No financial terms were disclosed. Odyssey Logistics has raised over $40 million in VC funding from Boston Millennia Partners, CMEA Capital, RRE Ventures, LogiSpring and Trident Capital.
Odyssey Logistics & Technology Corporation (OL&T) announced today that it has acquired International Forwarders, Inc. (IFI), an independently-owned export freight forwarder and customs house broker based in Charleston, S.C. The purchase allows OL&T to strengthen its customs broker and duty drawback capabilities as well as expand its export forwarding business.
OL&T has provided freight-forwarding services to clients through its wholly owned affiliate, Odyssey International LLC (OI) located in Danbury, CT. This acquisition is being made by OI which will be expanding with a second location and additional services and customers through this acquisition.
“OL&T acquired International Forwarders, Inc. to add additional import-oriented services to our portfolio, improve our competitive cost structure and allow us to meet growing market demand for import/export logistics services for our clients,” said Douglas L. Clark, president, Odyssey International, and senior vice president, Global Marine & International Logistics Services, OL&T. “Additionally, this acquisition eliminates outsourcing of certain services thereby adding revenue to our company’s top line.”
OL&T will continue to utilize the current International Forwarders facility in Charleston. The 40 employees working for IFI will become part of the OL&T enterprise immediately. All current IFI customers will continue to be served in Charleston for freight forwarding and import services.
Odyssey will continue to provide freight-forwarding services in its Connecticut location as well. Import services provided by other service companies may be transitioned to IFI as contracts or opportunities arise.
“As we continue to increase our global customer base, establishing new operations in South Carolina offers OL&T a strategic location for wider market penetration,” said Robert H. Shellman, president and chief executive officer of Odyssey Logistics & Technology. “Further, we now have an additional site with unmatched customs house brokering and international freight-forwarding expertise in close proximity to a world-class port.”
“Odyssey is continuing to look for acquisitions that expand its services and client base. The IFI purchase meets these criteria. Finally, I want to thank the team of local and South Carolina officials for their assistance in making this possible,” Shellman said.
Odyssey Logistics & Technology (OL&T) and its subsidiaries deliver a comprehensive portfolio of managed logistics and third-party services to the global chemical and process manufacturing industries. The Odyssey Global Logistics Platform(SM) is OL&T’s technology infrastructure, and features a patented proprietary net-native transportation management system that supports the safe, reliable and efficient delivery of client products throughout the world.
With more than 30 percent average annual revenue growth for the last five years, OL&T moves products with more than $42 billion in value between 185,000 origins and destinations and 220 ports worldwide, servicing midsize to large global chemical and process industry clients. For more information, visit www.odysseylogistics.com.