Cougar Logistics Corp., which owns logistics operations in Singapore and Southeast Asia, and Menlo Worldwide, the global logistics subsidiary of San Mateo, Calif.-based Con-way Inc., announced today, June 7, they had signed a definitive agreement whereby Menlo will purchase Cougar Holdings and its primary subsidiary, Cougar Express Logistics, for $33.9 million. The purchase price includes a $28.2 million cash payment to Cougar and the assumption of $5.7 million in debt.
Cougar Express is a Southeast Asia freight forwarding, warehousing, logistics and distribution management company with personnel, facilities and operations in Singapore, Malaysia and Thailand. A profitable, long-established enterprise, Singapore-based Cougar Express covers 12 operating locations in the region with a client base of nearly 200 Asia-based and global businesses. In its most recent fiscal year, Cougar Express recorded $23 million in revenues.
“We are excited to become part of the Menlo Worldwide organization,” says Heinz-Peter Faust, chief executive officer of Cougar Express. “The synergies between the domestic distribution business and the contract logistics business across a greater geographical sphere offer significant opportunities for development. With the resources of Menlo, we will accelerate our growth and offer our customers an expanded regional service portfolio in Asia as well as access to Menlo’s extensive global capabilities. It is a winning formula that benefits our customers and employees, and will make our combined organizations a much more formidable competitor in the market.”
“This acquisition is an excellent fit for Menlo, expanding our footprint in this important region with a successful logistics company that’s complementary in every respect,” says Robert L. Bianco Jr., president of Menlo Worldwide. “Cougar has a loyal customer base, talented employees with proven expertise, a track record of growth and solid market share. We’re gaining new capabilities that enhance our presence in Singapore and expand the value and breadth of services we can offer to customers throughout Asia.”