Kuehne+Nagel acquires South African freight forwarder Morgan Cargo
Expands perishables network and connectivity for customers to and from South Africa, U.K. and Kenya
Kuehne+Nagel signed an agreement to acquire Morgan Cargo, a leading South African, U.K. and Kenyan freight forwarder specialised in the transport and handling of perishable goods.
"During 2022, the company handled more than 40,000 tonnes of air freight and more than 20,000 TEUs of sea freight globally, managed by approximately 450 logistics experts," says an official release from Kuehne+Nagel.
Financial details of the transaction were not disclosed.
The acquisition of Morgan Cargo complements Kuehne+Nagel's perishables logistics service offering, while improving connectivity for customers to and from South Africa, U.K. and Kenya, which includes state-of-the-art cold chain facilities, the release added.
“With Morgan Cargo, we acquire a reliable logistics service provider for the benefit of our customers," says Yngve Ruud, Member of the Management Board responsible for air logistics, Kuehne+Nagel. "Expansion in high-growth markets such as Africa clearly ties into our Roadmap 2026 and reinforces our commitment to the Middle East and Africa Region. We have been active in Africa for many years but this acquisition is an ideal addition to our regional presence.”
Schalk Bruwer, CEO, Morgan Cargo adds: “We wanted to expand our successful family-owned business and took the opportunity to become part of one of the world leaders in logistics. This new development will provide greater opportunities for our customers in terms of global reach and allow our team to advance their careers beyond the realm that was previously possible. Morgan Cargo is extremely excited to become part of Kuehne+Nagel.”
Closing of the transaction is expected during the third quarter of 2023 and is subject to customary closing conditions, including clearance by the competent merger control authorities, the release added.