One of Georgiathe oldest freight forwarders in is acquired by a canadian company under an agreement that is expected to expand the global reach of both entities.
Savannah-based DJ Powers Company Inc. combines with Russell A. Farrow Ltd.it is WE deal in a deal that will see Farrow take a majority stake in DJ Powers.
Farrow is based in Ontario, Canada, and was founded over 100 years ago, with over 700 employees and 29 offices and warehouses. The company claims to be one of the largest private, family-owned customs brokers in North America.
DJ Powers has also toured the neighborhood. Founded in 1930, the freight forwarder operates a network of locations across the southern United States and maintains its own international offices in the Chinese port cities of Ningbo, Shanghai and Shenzhenas well as nearby Europethe largest port in Rotterdam, Netherlands, where it operates an affiliate. It claims a network of 175 other organizations in ports around the world.
Access to “new trade coverage along the lower east coast with direct access to ports that carry out significant European and Asian trade” was particularly attractive, Farrow said in a statement. Press release.
Post-merger, the combined company is focused on helping businesses gain better visibility into their supply chains at a critical time in the global economy, providing services such as freight forwarding, customs brokerage, regulatory compliance and consulting.
I thought the specific financial terms of the deal were not disclosed, a DJ Powers spokesperson said. Atlanta World that Farrow will hold a majority stake in DJ Powers.
The Savannah-based company will retain its brand and independent offices, while two current owners, CEO Rhett Willis and Executive Vice President Eric Bakkerwill each retain an equity interest in the combined company.
All employees must keep their jobs and have access to opportunities for advancement within the combined organization, according to the sales and marketing coordinator JoAnna Huckabee.
“This merger brings together two well-funded organizations with complementary resources, offices and expertise into a world-class global logistics organization,” Willis said in a press release.
He praised DJ Powers’ “longstanding and rapidly growing customer base”, noting that the combination with Farrow will provide them with additional resources through the Canadian company’s logistics network and experience.
“We are excited about our future together,” he added.
Grant RobinsonCEO of Farrow, said the companies share “common values centered on putting people first and customers first.”
DJ Powers was named International Company of the Year by the World Trade Center Savannah in 2017, and his accolades also include the President’s E Award for Excellence in Export Service.
For more information, visit www.djpowers.com Where www.djpowers.nl Where www.farrow.com.
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