Danish logistics company SGL acquires Canadian freight forwarder ITN
On December 19, Denmark's Scan Global Logistics (SGL) announced the acquisition of TN Logistics Group (ITN), a privately held Canadian freight forwarding company, subject to antitrust approval by Canadian authorities and expected to be completed in the first quarter of 2025.
The addition of ITN Logistics Group (ITN) to the network will significantly enhance SGL's service offerings and presence in Canada.
Allan Melgaard, SGL's global Chief Executive Officer, said: "The acquisition of ITN is a strategic move that will strengthen our presence in Canada and North America. We have worked with ITN for many years and the ITN organization's focus on its customers and their entrepreneurial spirit is a great fit for us. We welcome all technical talents with deep industry expertise to join our organization."
ITN is headquartered in the Toronto area and has four locations across Canada with more than 250 employees. Last year, the company's annual revenue exceeded $170 million. The company provides services including import and export air and sea freight, customs declaration, inland transportation, cross-border trucking and consolidation services, warehousing, project forwarding and distribution services.
On ITN's acquisition by SGL, Monica Kennedy, majority shareholder and President of ITN, commented, "Our customers and employees have always been the foundation of our success. Finding a partner who shares our values and vision is critical - SGL's culture and strategy fit perfectly to ensure our team and customers are continually developed and cared for."
Trade between Canada and the United States is estimated to be about $800 billion in 2022 and the Canadian freight forwarding market is estimated to be $20.9 billion in 2023, which is fragmented and dominated by large global players. Land freight accounts for the largest share, and the United States is Canada's number one trading partner.
Steen Christensen, Chief Executive Officer of SGL North America, said: "By expanding our presence in North America, we set the stage for us to accelerate our growth in the region, and we look forward to offering ITN's portfolio of services to our customers."
The addition of ITN Logistics Group (ITN) to the network will significantly enhance SGL's service offerings and presence in Canada.
Allan Melgaard, SGL's global Chief Executive Officer, said: "The acquisition of ITN is a strategic move that will strengthen our presence in Canada and North America. We have worked with ITN for many years and the ITN organization's focus on its customers and their entrepreneurial spirit is a great fit for us. We welcome all technical talents with deep industry expertise to join our organization."
ITN is headquartered in the Toronto area and has four locations across Canada with more than 250 employees. Last year, the company's annual revenue exceeded $170 million. The company provides services including import and export air and sea freight, customs declaration, inland transportation, cross-border trucking and consolidation services, warehousing, project forwarding and distribution services.
On ITN's acquisition by SGL, Monica Kennedy, majority shareholder and President of ITN, commented, "Our customers and employees have always been the foundation of our success. Finding a partner who shares our values and vision is critical - SGL's culture and strategy fit perfectly to ensure our team and customers are continually developed and cared for."
Trade between Canada and the United States is estimated to be about $800 billion in 2022 and the Canadian freight forwarding market is estimated to be $20.9 billion in 2023, which is fragmented and dominated by large global players. Land freight accounts for the largest share, and the United States is Canada's number one trading partner.
Steen Christensen, Chief Executive Officer of SGL North America, said: "By expanding our presence in North America, we set the stage for us to accelerate our growth in the region, and we look forward to offering ITN's portfolio of services to our customers."
