Ryder System on Monday said it has agreed to acquire all of the outstanding equity of IFS Holdings, LLC, also known as Impact Fulfillment Services (IFS), a provider of contract packaging, contract manufacturing and warehousing for some of the largest consumer brands in the U.S. As part of the transaction, Ryder will acquire 15 operations across Florida, Georgia, Illinois, North Carolina, Ohio, Pennsylvania, Texas, Utah and California.
Ryder and IFS expect to complete the deal, the terms of which were not disclosed, next month.
“The acquisition of IFS supports our strategy to accelerate growth in our supply chain business, providing Ryder with new capabilities that are complementary to our existing suite of services,” said Steve Sensing, president of supply chain solutions for Ryder. “Initially, the co-packaging and co-manufacturing services will roll into our CPG vertical; however, we see considerable opportunity to leverage these new capabilities across other industry verticals.”
IFS has built a blue-chip customer base with its proven model for co-packing and co-manufacturing in both food and non-food products, including a specialty in blending and filling dry powder and viscous products.
Ryder already serves the top 10 U.S. food and beverage companies, noted Darin Cooprider, senior vice president of CPG for Ryder, adding this acquisition will expand and strengthen those relationships with customers "while also attracting new customers in additional verticals, especially in retail, health, and beauty. And IFS’ customer base will benefit from access to Ryder’s capabilities as a fully integrated port-to-door logistics provider.”
Ryder will integrate the IFS facilities and operations into its supply chain solutions business, including nine multiclient and six dedicated customer operations, totaling just under four million square feet. Ryder plans to retain IFS’ workforce of approximately 1,000 full-time employees. President of IFS Rob LeBaron will join Ryder as vice president of contract manufacturing and packaging.