(Bloomberg) — Terra Worldwide Logistics, a closely affiliated logistics services provider, is considering a sale amid consolidation in the industry, according to people familiar with the matter.
The Atlanta-based company is working with a financial advisor on the potential sale, the people said, asking not to be identified as the matter is private. A transaction could value the deal at about $1 billion, people said.
Other logistics companies and investment funds have expressed preliminary interest in acquiring the company, it said. Deliberations are ongoing and no final decision has been made, the people said.
“We evaluate various venture capital solutions from time to time,” Jim Briles, Terra’s co-founder and chief operating officer, responded to inquiries from Bloomberg News. “Our focus is solely on how we can better serve our customers.”
Founded in 2019, Terra offers air and ocean freight, warehousing and distribution and customs brokerage services, according to a press release on its website. The company acquired the assets of supply chain software and services company American Global Logistics in 2020, the release showed.
Logistics facilities have attracted increasing interest from global investors after Covid-19 sparked a surge in online shopping. Other companies considering a sale include Taiwan-based Morrison Express Corp. and Italy’s Bcube SpA, Bloomberg reported.
– With support from Jennah Haque.
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