Pacer Logistics LLC, a wholly-owned subsidiary of US-based Pacer Health Corporation, yesterday (May 19) announced it had completed the asset acquisition of Cargo Connection Logistics Corporation.
Pacer said Cargo Connection, based in Inwood, New York, was a transportation and logistics service provider for import and export shipments, with several terminals and bonded container freight stations in the US. It generated approximately $17m in top line revenue, providing warehousing, trucking, air freight, distribution and logistics services throughout the US.
"The acquisition marks Pacer's entry into new turnaround market segments under its recently-announced subsidiary, Pacer Logistics LLC," stated Pacer Health Corporation.
Expanding on that point, the corporation's chairman and CEO, Rainier Gonzalez, said: "The Cargo Connection acquisition enhances the long-term, strategic value we can deliver to our current and prospective shareholders."
Pacer's chief financial officer, John Chi, added: "Our ability to recognise the intrinsic value in struggling companies is the basis for our new market entry into non-healthcare segments."
Pacer said the logistics assets it had acquired included intellectual property, warehouse leases and general order bonded warehouse licenses. "This latest acquisition provides Pacer with a presence in the transportation, logistics and warehousing market segment and expands its transportation product and services portfolio as it advances with plans to integrate acquired assets into its portfolio," it stated.
Pacer Health Corporation focuses on financially-distressed businesses in all market segments including and beyond the healthcare arena. The corporation is an owner-operator of acute care hospitals, medical treatment centres and psychiatric care facilities serving non-urban areas across the southeast US as well as a transportation and logistics division that provides trucking/air freight, warehousing and distribution and logistics services throughout the country.
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