Kingston Smith advises on sale of Freightex to UPS
The corporate finance arm of chartered accountants Kingston Smith LLP is delighted to announce the sale of Freightex, the Dover headquartered provider of logistics and freight brokerage services in the UK and Europe, to UPS. Legal advice was provided by international law firm Faegre Baker Daniels. The terms of the deal were not disclosed.
UPS is among the largest multi-modal transportation companies in the world with extensive global airlines, trucking and package delivery networks.
Shippers of all sizes and industries today rely on Freightex for the efficient movement and visibility of goods across the UK and Europe. The company has eight locations across the UK and Europe and matches customers’ outgoing freight shipments with available trucking capacity across its network of carriers. Freightex will operate under UPS’s Coyote business unit through the Supply Chain and Freight segment and its customers will gain the benefits of scale, reach and access to a broad integrated portfolio of shipping solutions for all their supply chain management needs.
The acquisition immediately establishes UPS’s presence in the growing UK and European third-party logistics (3PL) over-the-road brokerage transportation market and launches a new global and regional UPS growth platform from an established base of customers and carriers.
Bradley Stanton, Chairman of Freightex, comments: “The Board of Freightex Ltd retained John Cowie at Kingston Smith to review and advise us on a number of potential corporate options that had emerged over a six month period. This advisory process ultimately led to the sale of the company to UPS. We felt very confident with John’s guidance from initial contact right through to completion of sale. He and his colleagues demonstrated a high degree of experience and breadth of expertise, complemented by strong attention to detail – all of which was invaluable to us.”
He added: “We chose Gary Laitner at Faegre Baker Daniels to advise on the sale of the company to UPS, based on Gary’s international experience and his track record of advising business founders and entrepreneurs. From start to finish, we felt entirely confident with the advice we received from FaegreBD. At each stage the major issues were carefully identified, explained to us and advised on accordingly. Huge thanks should go to Gary’s highly efficient team who, working to a tight timetable, gave us a truly 24/7 service.”
John Cowie, the partner at Kingston Smith who led the corporate finance team, said: “It has been a pleasure working with the Freightex team and with Faegre Baker Daniels on this transaction. Everyone worked hard to meet an ambitious timetable – it was a true team effort.”
Gary Laitner, corporate partner at Faegre Baker Daniels, who advised on the deal, added: “We were delighted to work with Freightex on the sale to UPS. This was a time-sensitive deal that required expertise in different practice areas from corporate through to intellectual property and employment advice.”