Kuehne+Nagel to acquire Apex

Swiss logistics company Kuehne+Nagel has agreed to acquire Apex Logistics, one of the largest Asia-based freight forwarders, in a deal set to position the Swiss company as the world’s largest airfreight forwarder. [caption id="attachment_94751" align="alignright" width="450"] Photos courtesy of Kuehne+Nagel[/caption] The companies declined to disclose financial details of the deal, but Apex was valued at around $1.5 billion in a Bloomberg report . The acquisition is subject to customary approvals and closing conditions and would see Apex continue to operate separately within Kuehne+Nagel Group. The acquisition would strengthen Kuehne+Nagel’s position in the Asia-Pacific region, “especially in e-commerce fulfillment, hi-tech and e-mobility,” CEO Detlef Trefzger said in a press release on the deal. The company has made other acquisitions in recent years , but the addition of Apex would be the largest in its history. Apex has historically been an active participant in trans-Pacific airfreight charters , even before more freight forwarders followed suit to secure capacity during the COVID-19 pandemic, and has a strong presence in the western United States. Apex doubled its charters year over year to around 1,200 last year, Mike Piza, senior vice president of corporate business development and customs brokerage, told Air Cargo World in an interview earlier this month. Roughly one-third of those charters were operated with passenger freighters, Piza said. Apex has also gotten off to a strong start on the trans-Pacific trade lane during 2021, as factory production out of South China continued — even during the traditional pause over the Chinese New Year holidays. Apex has grown its airfreight tonnage substantially during the past few years, first appearing in Air Cargo World ’s Power 25 ranking of the world’s top forwarders in 2016, and most recently climbing to No. 11 for 2019 volumes. According to Kuehne+Nagel’s press release, Apex’s airfreight volumes for 2020 stood at roughly 750,000 tonnes, which represents a YoY increase of more than 40%. Kuehne+Nagel, meanwhile, ranked at No. 2 globally for 2018, before DSV acquired Panalpina and rose to the No. 2 spot, pushing Kuehne+Nagel down to No. 3 for 2019. While 2020 rankings have not yet been released, combined volumes from 2019 for Kuehne+Nagel and Apex would make the combined company the largest airfreight forwarder, surpassing DHL Global Forwarding, the current No. 1.

Kuehne+Nagel to acquire Apex

The deal would create the world’s largest airfreight forwarder

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Listen: CharterSync’s Gillett on Brexit cargo charter boom

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Kuehne+Nagel to acquire Apex

The deal would create the world’s largest airfreight forwarder

Dachser adds second Europe-US weekly flight

Listen: CharterSync’s Gillett on Brexit cargo charter boom

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