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Geodis acquires broker Velocity Freight Transport

Geodis acquires broker Velocity Freight Transport

GeodisGeodis

French logistics company Geodis said Tuesday that it has acquired freight broker Velocity Freight Transport Inc. from McLane Co. Inc., a unit of conglomerate Berkshire Hathaway Inc (NYSE: BRK.A, BRK.B) Terms of the transaction, which closed June 30, were not disclosed.

Velocity, based in Plano, Texas, a suburb of Dallas, will remain in its current location. Geodis’ Americas operation is based in Brentwood, Tennessee, near Nashville.

The transaction will have a modest impact on Geodis’ brokerage business. According to research and consulting firm Armstrong & Associates Inc., Geodis generated $406.6 million in gross brokerage revenue in 2020, placing it 41st on Armstrong’s list of the top 100 brokers. Velocity generated about $26 million in gross revenue last year, according to Armstrong data. Gross revenue is the amount of revenue a broker generates before deducting the cost of transportation.

Geodis operates more than 150 U.S. warehouse facilities with over 47 million square feet of warehousing space.


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6 July 2021, 23:11