SUPPLY chain operator GEODIS has reached an agreement to acquire substantially all of the assets of Velocity Freight Transport, a US-based freight brokerage company from McLane Company, a subsidiary of Berkshire Hathaway.
Mike Honious, president and CEO of GEODIS in the Americas said, “With the acquisition of Velocity, we are welcoming an exceptionally talented team of freight brokerage experts who have a deep understanding of the challenges and opportunities of today’s dynamic logistics and supply chain environment.
“This acquisition will expand our current freight brokerage capabilities and enable us to continue to aggressively grow our capacity solutions service for clients at a pivotal moment.”
The acquisition expands GEODIS’ Capacity Solutions offering in North America at a critical time as the industry continues to face ongoing driver and truck shortages. The acquisition of Velocity will help meet the increased customer demand for more transportation alternatives to ensure their supply chains remain agile and effective.
Velocity provides freight brokerage services that include refrigerated and temperature-controlled freight, flatbed and less-than-load trucking, intermodal, van, and specialty options.
Velocity’s team will remain in Plano, expanding GEODIS’ operation in the Dallas-Fort Worth metro area where it currently employs up to 3500 people.
John Lower, vice president at Velocity Freight Transport said, “This new chapter with GEODIS will allow us to build upon our success and enable further growth opportunities. By combining our resources with GEODIS’ truly expansive reach, we will ultimately be able to provide our clients a broader range of services across the Americas and globe”.
With its Americas region headquartered in Tennessee, GEODIS operates a full-service managed transportation line of business in the US. Additionally, GEODIS operates more than 150 warehouse facilities for its clients and has more than 15,000 employees across North America.
