Phoenix International Completes Reported $635 Million Sale to C.H. Robinson
Republic Partners Advises Phoenix in its Successful Search for Strategic
CHICAGO -- November 01, 2012
Republic Partners, Inc. today announced the completion of the $635 million
sale of Wood Dale-based Phoenix International, Inc. to C.H. Robinson
The acquisition was finalized today after C.H. Robinson, a global provider of
multimodal transportation services and logistics solutions, received
regulatory approval to acquire Phoenix, the largest privately-owned
international freight forwarder in North America.
In its most recently completed fiscal year, Phoenix generated gross revenues
of approximately $807 million, net revenues of approximately $161 million and
adjusted operating income of approximately $48 million. Phoenix primarily
provides international freight forwarding services, including ocean, air and
customs brokerage, currently serving approximately 15,000 customers globally.
Phoenix has approximately 2,000 employees, located in 76 offices in 15
As previously announced, the transaction was structured as a cash and stock
purchase agreement. C.H. Robinson acquired Phoenix for $571.5 million in cash
and approximately $63.5 million in newly-issued C.H. Robinson stock.
Republic Partners (“Republic Partners”), a Chicago-based investment bank that
advises businesses on mergers, acquisitions and capital raising as well as
ongoing strategic and financial activities, worked with Phoenix for six years
in total, and intensively over the last two years, to assist the company in
maximizing its value as well as finding the right buyer through an
international auction that included participants from North America, Europe
“It has been a privilege to work with a company as wonderful as Phoenix
International. It is a terrific business that has been built by a team of
extraordinary individuals,” said Robert S. Levin, managing director of
Republic Partners. “I expect that the company will continue to thrive as part
of C.H. Robinson.”
“We could not have achieved the result that we did without Republic Partners,”
said Bill McInerney, Phoenix executive chairman who founded the company in
1979. “They worked tirelessly on our behalf and ran an effective process,
providing wise advice and personal service from start to finish. Most
important, they helped us find the right buyer who values what we have built
and shares our cultural values as well.”
Phoenix CEO Stéphane Rambaud, who will lead the combined international freight
forwarding services of C.H. Robinson and Phoenix, concurred on the quality of
the outcome. “The Republic team did an excellent job,” Rambaud said. “Joining
with C.H. Robinson will allow us to better serve our customers while also
providing more career opportunities for our employees.”
Latham & Watkins LLP served as legal counsel to the company.
Phoenix International, Inc., is the largest privately-owned international
freight forwarder, NVOCC and customs broker headquartered in North America,
with more than 2000 employees in 72 global offices.
Founded in 1905, C.H. Robinson Worldwide, Inc., is a global provider of
multimodal transportation services and logistics solutions, serving over
37,000 customers through a network of 234 offices in North America, Europe,
Asia, South America, and Australia. C.H. Robinson is one of the largest
third-party logistics companies in the world, with annual total revenues of
over $10 billion. For more information about the company, visit
Republic Partners, Inc., is an investment bank that provides highly
personalized service to owners and leaders of middle-market companies The
Republic team has successfully helped many clients in the transportation and
logistics sector and also has significant experience in the energy,
healthcare, industrial products and consumer products industries. Republic
Partners prides itself on its long-term relationships with clients that
include start-ups as well as companies with over $2 billion in annual
revenues. For more information, visit www.republicpartners.com.
for Republic Partners, Inc.
Robert Elfinger, (773) 319-5794
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