Odyssey acquisition its largest to date
Logistics company in agreement with AFF Global
Odyssey Logistics & Technology Corp. has entered into an agreement to acquire AFF Global Logistics, marking Odyssey’s largest acquisition to date.
Odyssey is a Danburybased transportation and logistics company. The acquisition of AFF will add 600 employees, bringing Odyssey’s global workforce to more than 2,400.
AFF is a third-party logistics provider and freight operator. It is based in Fife, Wash.
“The highly desirable acquisition of AFF continues Odyssey’s expansion into the complex global multimodal logistics services arena that often presents considerable competitive barriers to market entry,” Bob Shellman, president and CEO of Odyssey, said. “AFF’s load consolidation expertise, U.S. offshore markets coverage, warehouse network and Asia Pacific import business will markedly enhance Odyssey’s strong truck, rail, marine and facility networks.”
The acquisition, Shellman said, supports Odyssey’s strategy of operating an asset-light logistics business with the size to be a vital partner to both shippers and carriers worldwide. The capabilities of the combined organization will allow Odtions to approach customers with a differentiated solution for their entire supply chain, he added, competing effectively against the market’s leading logistics companies.
“This transaction reflects Odyssey’s commitment to continuous growth and expansion of services,” Shellman said, “which we expect will be complementary and provide a broader range of services to both Odyssey and AFF global customers.”
Through the first three quarters, top-line revenue for Odyssey is up 22 percent year-over-year, said Cosmo Alberico, who is both chief operating officer and chief financial officer for the company. As a result of the acqui- sition, Odyssey’s global freight network will exceed $2.8 billion in revenue, Alberico said.
“Odyssey is a recognized global logistics leader, providing comprehensive supply-chain solutions across a diverse customer base,” Kevin Kelly, CEO of AFF Global, said in a statement. “I am excited about the accretive benefit that this transaction will produce, and can assure our dedicated employees, valued customers and key suppliers that our teaming with Odyssey will expand our capabilities, while maintaining the level of service and confidence in AFF that we have established over our many years of association.”
The transaction is subject to customary closing condiyssey and is expected to close by the end of the year.
Odyssey, which is headquartered in Matrix Corporate Center in west Danbury, provides services such as trucking, bulk transport, international transportation management, intermodal services and consulting.