Kane Logistics, one of the oldest 3PLs in the U.S., has been acquired by French 3PL ID Logistics in an all-cash deal, ID Logistics said.
The transaction is based on Kane’s “enterprise value,” or market value, of $240 million, Orgon, France-based ID Logistics said. Kane’s 2021 annual revenue is $235 million. The transaction is expected to close in April, ID Logistics said. ID Logistics acquired Scranton, Pennsylvania-based Kane from Harkness Capital Partners, a private equity firm that acquired Kane in 2019.
Kane will be rebranded as ID Logistics U.S., the French firm said. Kane’s management team has been asked to continue running the business. Stan Schrader, Kane’s chief commercial officer, will become CEO, reporting to Christophe Satin, Chief Operating Officer, director of and investor in ID Logistics.
Kane has a long track record serving the food and beverage, and consumer packaged goods industries. It is an asset-based 3PL, operating 150 power units and 500 trailers, according to its website.
Kane, founded in 1930 by Edward Kane, operates 20 distribution centers mostly in Pennsylvania, Georgia, Ohio, Illinois and California. For most of its history, it was known as Kane is Able Inc. It rebranded into Kane Logistics in the summer of 2020.
With annual revenue of US$2.1 billion, ID Logistics operates 350 facilities in 17 countries. The Kane acquisition significantly expands its U.S. presence, which until now had been relatively small.
(Note: An earlier version erroneously stated that Kane’s current CEO, Tony Tegnelia, will continue to run the business.)