Shipping giant AP Moller Maersk has finalized its acquisition of US forwarder Pilot Freight Services for $1.7 billion. Following the acquisition, Pilot Freight Services will now be known as Pilot – A Maersk Company.
The deal, valued at $1.7 billion, translates to an enterprise value of $1.8 billion post IFRS-16 lease liabilities. Pilot specializes in first, middle, and last mile as well as border crossing solutions, with a focus on big and bulky freight in North America for B2C and B2B distribution. The company operates a network of 87 stations and hubs, primarily utilizing third-party trucking providers with access to controlled capacity. The combined scale of Pilot and Maersk will provide customers with around 150 facilities in the US, including distribution centers, hubs, and stations.
In 2020, Pilot was ranked as the world’s 24th largest airfreight forwarder by volumes, handling 240,000 tonnes. Prior to the acquisition, Pilot was owned by private equity firm ATL Partners and investor British Columbia Investment Management Corporation.
Regional managing director of Maersk North America, Narin Phol, emphasized the need for accelerated supply chain speed and improved end-to-end business models, stating that Pilot’s expertise and infrastructure will enable them to achieve these goals.
Pilot Freight Services CEO Zach Pollock expressed excitement about the partnership with Maersk, citing new growth opportunities for customers and employees. Maersk has been actively expanding its presence in the industry, with recent acquisitions including Hong Kong-based LF Logistics and forwarder Senator International, as well as investments in freighter aircraft.
