Digital freight broker Fura announced Friday it has acquired Pinwheel Logistics. The deal marks Fura’s third brokerage acquisition.
Pinwheel is a freight broker located in the Chicago area, serving the food and beverage industry.
Financial terms of the transaction were not provided.
“With this acquisition, we demonstrate Fura’s commitment to growth and innovation, even in a down market,” stated Jeff Dangelo, co-founder and CEO at Fura, in a news release. “Our model enables us to acquire freight brokers without a traditional EBITDA multiple considering the market downturn.”
Dangelo was a co-founder of cloud-based transportation management platform Turvo.
Frisco, Texas-based Fura is a digital broker primarily focused on full truckload (dry van, refrigerated and flatbed) transportation. It has more than 550 customers and 16,000 carriers on its platform, which provides users with real-time shipment visibility.
Fura is backed by R136 Ventures and Davidovs Capital. Its growth initiatives include acquisitions and other partnerships. It seeks companies with $10 million-plus in revenue that have been in operation for more than five years. It will also take on companies with negative earnings before interest, taxes, depreciation and amortization profiles.
Its past acquisitions include Chaos Logistics and AOK Freight.
“[Fura’s] technology and visibility platform will allow us to deliver even greater value to our customers and aggressively expand our market share. Together, we are poised for exceptional growth,” said Johnny Kwiatkowski, co-founder of Pinwheel Logistics.
