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Dec 28, 2020 at 5:57 PMA blockbuster just before Christmas: The German logistics service provider Fiege sells its transportation activities to the US logistics company AIT Worldwide Logistics, headquartered in Itasca, Illinois. According to statements, it is a merger of two complementary networks, which will drive further growth in the international transportation business.
(Greven) On Thursday, Fiege was able to finalize a contract that sells the companies of the International Freight Forwarding (IFF) division as well as Freight Forwarding in the Far East to the future strategic partner AIT Worldwide Logistics. The closing of the transaction is scheduled for December 29, 2020.
“We are very pleased with the transaction because it enables the merger of two highly complementary networks, allows the existing IFF business to grow even further, and gives our customers access to an expanded service portfolio in an even larger network,” says Felix Fiege, who runs the company together with his cousin Jens Fiege.
Fiege’s IFF division has proven its capabilities
The IFF division of Fiege has demonstrated its enormous capabilities in recent years. The COVID-19 crisis and the associated emergency logistics have shown that Fiege’s IFF division is extremely scalable and has room for more than just providing high-quality services to regular customers. For the IFF business to tap into these potentials, significant growth of its own network is required. Therefore, Fiege was looking for a strong partner with whom extensive investments could be made, either through a joint venture or by spinning off the IFF activities into a larger strategic alliance.
Long-standing collaboration
Michael Völlnagel, CEO of Fiege IFF, sees a lot of business potential in the transaction: “With AIT, we have found a partner that combines a large network, particularly in North America and Asia, with a clear commitment to business development focused on culture and people. Our global presence and service portfolio complement each other to a great extent. More importantly, we have been successfully collaborating for many years.”
Strategic alliance
Fiege and AIT have now agreed on a strategic alliance that goes beyond the agent model that has existed for years and gives both parties the opportunity to cooperate even more closely in the future and mutually benefit from each other’s activities for the benefit of customers.
Vaughn Moore, President and CEO of AIT, states: “We are very excited to welcome the experts from Fiege Freight Forwarding as our newest AIT team members. The long-standing mutual partnership between our two teams has created a solid foundation of trust that contributed to the completion of this deal.”
With this contract, Fiege will focus on its core business of contract logistics and related activities such as warehousing, fulfillment, and transportation, thus addressing future challenges in the areas of digitization and automation while placing a strong emphasis on growth in e-commerce. Despite the sale of the IFF business in the Far East, Fiege will continue to be represented in the global market through its Asian contract logistics division and will continue to invest in growth worldwide.
The successful contract completion was supported by the M&A advisors from GCA Altium and KPMG Germany, as well as the law firm Görg.
Photo: © Fiege
