Panalpina strikes acquisition deal with CargoMaster to expand perishables network
April 26, 2019: Panalpina has entered into agreement to acquire the Colombian company CargoMaster SA and Laseair SA in Ecuador subject to conditions.
CargoMaster, with its subsidiary Laseair, is one of the largest companies in Latin America specialised in the air freight export of perishables. From Colombia and Ecuador, the two companies predominantly export to the US, but also to Europe and Asia.
The companies reached a respective agreement on April 23, 2019.
With this, the supply chain giant aims to expand its perishables network in South America.
“We are adding significant volumes and know-how to our already impressive perishables footprint in Latin America, which will allow us to further deepen our well-established relationships with the airlines and producers in the region,” explains Stefan Karlen, CEO of Panalpina.
“As we continue to expand the perishables business in this part of the world, we also see great development opportunities for our charter network with its gateway in Huntsville, Alabama.”
CargoMaster exports flowers and fruits by air. It was founded in 1987 and today employs 134 staff in Colombia (Bogota, Medellin), and, through its subsidiary, 32 in Ecuador (Quito).
“In the last 32 years, we have catapulted ourselves to the top of the Colombian air freight market and built a very strong brand in the region and our industry. I am very proud of these achievements and the employees that made it all possible,” says Felipe Sanchez, founder, CEO and majority shareholder of CargoMaster.
Panalpina’s perishables activities originated in Latin America, which is one of the world’s high-production regions for fresh produce.
With the latest acquisition, Panalpina is not only further developing its perishables business in the entire region, but also strengthening the company’s global end-to-end supply chain capabilities for perishables.
The parties have agreed not to disclose any financial details of the deal.