Kuehne+Nagel to acquire Canada-based customs broker Farrow
Acquisition complements cross-border capabilities at the U.S. borders with Canada and Mexico for Kuehne+Nagel
Kuehne+Nagel has acquired Farrow, a reputed Canada-based customs broker. The acquisition complements Kuehne+Nagel's offering for companies that increasingly rely on customs clearance services and supports the growing demand in an environment of increasingly complex international trade regulations, says a release from K+N.
Headquartered in Windsor, Ontario, Canada, Farrow’s service is rooted in a 112-year heritage and is supported by 830 employees in 41 locations across Canada and the USA. In 2022, Farrow managed over 1.5 million customs entries, the release added. "The acquisition of Farrow will be immediately earnings-accretive, and will expand the company’s customs capabilities in a complementary way, especially at the Canadian and Mexican borders of the USA."
Hansjörg Rodi, Member of the Management Board responsible for Road Logistics, Kuehne+Nagel says: "With Farrow, we acquire a leading, diversified customs brokerage and logistics company that brings with it a proven track record of success, a growth-oriented mindset, and significant business scalability. The acquisition of Farrow greatly accelerates Kuehne+Nagel’s growth ambitions in the customs market and is a compelling, strategic fit, expanding our offering of value-added solutions."
Rick Farrow, Chairman, Farrow adds: "We are excited to take our successful long-time, family-owned business to the next level and welcome the opportunity to be part of one of the world’s leading logistic companies. This allows us to combine our extensive expertise in customs brokerage with the capabilities and global reach of Kuehne+Nagel, allowing us to provide extraordinary supply chain solutions for our customers as well as creating new opportunities for career growth for our colleagues."
The transaction is expected to be completed during the first quarter of 2024, subject to approval from regulatory authorities and customary closing conditions. Upon closing, Farrow will become a fully-owned subsidiary of Kuehne+Nagel, the release added.