Nordic Transport Group buys US player
The Nordic Transport Group (NTG), founded in Denmark in 2011, is acquiring US-based Aries Global Logistics. AGL is an international air and ocean freight forwarder founded in 1985. This is the group’s largest deal so far, after it bought the Swiss Group Gondrand in 2018, amongst others.
Founded by the CEO, Frank D’Ambra, Aries is headquartered in New York with an additional eight offices in USA. In addition to air and ocean freight services, AGL also offers also in-house customs house brokerage, 3PL inland transportation and warehousing solutions. The company reported a revenue of approximately USD 285 million and an adjusted ebit of approximately USD 15 million in 2021. It has a staff of 185 employees.
The price of the transaction is USD 70 million on a cash and debt free basis. The closing of the deal is expected no later than June 2022. Following closing of the transaction, NTG’s existing US subsidiaries will merge into AGL. sh)