Panalpina will continue the expansion of its perishables network in South America through the acquisition of CargoMaster in Colombia and its subsidiary, Laseair, in Ecuador.
Panalpina said that CargoMaster is one of Latin America’s largest companies specialised in the airfreight export of perishables, mostly flowers to the US.
From Colombia and Ecuador, the two companies predominantly export to the US, but also to Europe and Asia.
“The acquisition will make us the undisputed perishables market leader in Colombia and Latin America, and strengthen our position in Ecuador. 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,” explained Stefan Karlen, chief executive 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, chief executive and majority shareholder of CargoMaster.
“By going together with Panalpina with its strong heritage in Latin America, we have the opportunity to become part of an even bigger success story in the perishables industry.”
The parties have agreed not to disclose any financial details of the deal. This is the forwarder’s latest in a series of acquisitions in the perishable sector.
This is not the only takeover deal that Panalpina is currently involved in. Danish forwarder DSV has made an offer to acquire all of its shares.