French acquisition in USA
ID Logistics has been interested in the new continent since it set up its first own branch in USA in 2019. Now the company is purchasing all the shares of Kane Logistics, USA-based warehousing and contract logistics provider which the Kane family founded in 1930.
The business was acquired by Harkness Capital Partners in 2019 with the goal of building the company’s platform and accelerating growth. Over the past three years, Kane Logistics increased its revenue by +20% every year and generated USD 235 million in 2021.
Currently, Kane Logistics runs 20 hubs across the country (especially in Pennsylvania, Georgia, Ohio, Illinois and California) representing 725,000 sqm.
The Kane team will stay on board. The transaction will be based on an enterprise value of USD 240 million and settled entirely in cash. (sh)