Key Highlights
- Key milestone in EV Cargo’s corporate growth strategy, expanding European network and enabling further development opportunities
- Adds more than $170 million of revenue to EV Cargo, resulting in pro forma combined revenue of approximately $1.7 billion
- Grows EV Cargo employees to exceed 2,600 globally; more than triples EV Cargo’s European workforce to exceed 400
- More than doubles EV Cargo’s global air freight uplift to exceed 100 million kilograms
- Significantly increases depth and capability in Netherlands, Belgium, France, Germany and United Kingdom, as well as expansion into Greece and Switzerland
- Adds several thousand customers to EV Cargo across strategic industry verticals, such as automotive, aerospace, marine engineering, oil & gas, pharmaceuticals and retail
HONG KONG, March 23, 2022 (GLOBE NEWSWIRE) -- EV Cargo, a global technology-enabled supply chain management and logistics execution platform for the world’s leading brands, today announces it has acquired and will merge with Netherlands-headquartered Fast Forward Freight, as part of its previously announced corporate strategy to expand its worldwide footprint and grow its freight forwarding and supply chain services business. The transaction builds on EV Cargo’s successful track record of M&A execution that created its platform and enhances growth opportunities in European freight forwarding as well as trade lane development and expansion.
As part of the transaction, EV Cargo has become the sole shareholder of Fast Forward Freight (and its trading subsidiaries), with the current owners of Fast Forward Freight becoming shareholders of EV Cargo. Fast Forward Freight will be rebranded as EV Cargo and operations will merge to create new and greater opportunities for the combined workforce and solutions for customers.
Commenting on the transaction, Heath Zarin, Founder and CEO of EV Cargo, said: “EV Cargo is committed to its core values of growth, innovation and sustainability. Fast Forward Freight shares our commitment to providing innovative technology-enabled solutions and has a strong history of providing supply chain control towers to its customer base of world leading brands. This transaction helps us grow the EV Cargo global network, adding excellent colleagues, capabilities and customers. We look forward to welcoming Fast Forward Freight to the EV Cargo family.”
Marc Terpstra, Founder and CEO of Fast Forward Freight, added: “EV Cargo is focused on providing an innovative technology platform, blending proprietary and industry leading technology based on a deep understanding of its customers. Fast Forward Freight shares this same focus. Our combination with EV Cargo will provide increased opportunities for our people and expanded solutions for our customers. We are very excited to join the EV Cargo journey.”
Zarin added: “EV Cargo and Fast Forward Freight share a unique range of capabilities and value-added services enabling the creation of innovative and tailored customer solutions. Customers increasingly want end-to-end logistics solutions that improve supply chain resilience, transparency, reliability and effectiveness. This combination will unlock a further step-change in EV Cargo’s global service proposition.”
Notes for editors
About EV Cargo:
Created by EmergeVest, EV Cargo provides a global technology-enabled supply chain management and logistics execution platform for the world’s leading brands. EV Cargo’s experienced team of 2,300 employees worldwide offer unique mission-critical end-to-end supply chain solutions to more than 3,000 customers across the retail, consumer and industrial sectors. EV Cargo’s global network includes direct investments in 23 countries and further operational coverage through partners in 150 countries. For 2021, EV Cargo’s revenue surpassed $1.5 billion with more than $100 million of earnings, moving more than $32 billion of merchandise between 700 country pairs.
EV Cargo is a purpose-led organization focused on powering the global economy. EV Cargo manages supply chains for the world’s leading brands, which includes the flow of goods, data and funds on behalf of pioneering businesses of all sizes. Guided by its core values of growth, innovation and sustainability, EV Cargo is committed to its vision of driving the digital transformation of logistics, through its proprietary tech platform ONE EV Cargo. This ‘Tech Stack’ approach combines established leading EV Cargo proprietary systems, such as LIMA and Alliance, with industry best-in-class third-party software. When matched with the insight of EV Cargo subject matter experts, the company provides a unique technology-enabled service and acts as a digital hub enabling global trade.
EV Cargo’s core business model is to provide supply chain management and technology solutions across air, ocean, road and rail; through freight forwarding, freight management, contract logistics and SaaS software services. EV Cargo has particular strength and expertise in the flow of goods from Asia into Western Europe, especially into the United Kingdom, feeding into a substantial and fully integrated logistics platform of warehousing, fulfilment and multi-modal final mile delivery solutions.
Simply put, EV Cargo is all about excellent people providing industry-leading technology-enabled supply chain solutions to enable the growth of great businesses.
EV Cargo was created in 2018 by Hong Kong-based growth-oriented private equity investment group EmergeVest, facilitating a step-change in value creation via a sizeable, scalable and diversified logistics-technology company, well-positioned for future growth.
