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One of Georgia’s longest-standing freight forwarders is being acquired by a Canadian firm in a deal that is expected to expand the global reach of both entities.
Savannah-based D.J. Powers Company Inc. is combining with Russell A. Farrow Ltd.’s U.S. operation in a deal that will see Farrow take a majority stake in D.J. Powers.
Farrow is based in Ontario, Canada, and was founded more than 100 years ago, with more than 700 employees and 29 offices and warehouse locations. The company claims to be one of the largest privately held and family-owned customs brokers in North America.
D.J. Powers has been around the block as well. Founded in 1930, the freight forwarder operates a network of locations in the Southern U.S. and runs its own international offices in the Chinese port cities of Ningbo, Shanghai and Shenzhen, as well as near Europe’s largest port in Rotterdam, Netherlands, where it operates an affiliated company. It claims a network of 175 other organizations at ports around the world.
Particularly appealing was access “new business coverage along the lower eastern seaboard with direct access to ports that conduct significant European and Asian trade,” Farrow said in a news release.
After the merger, the combined firm is focusing on helping companies gain deeper visibility into their supply chains at a critical time in the global economy, providing services such as freight forwarding, customs brokerage, regulatory compliance and consulting.
Thought the specific financial terms of the deal are not being disclosed, a D.J. Powers spokesperson told Global Atlanta that Farrow will own a majority stake in D.J. Powers.
The Savannah-based firm will keep its independent brand and offices, while two current owners, CEO Rhett Willis and Executive Vice President Eric Bakker, will each retain a stake in the combined company.
All employees are expected to retain their jobs and gain access to advancement opportunities within the combined organization, according to sales and marketing coordinator JoAnna Huckabee.
“This merger brings together two well-financed organizations with complementary resources, offices, and expertise in a world-class, global logistics organization,” Mr. Willis said in a news release.
He praised D.J. Powers’s “long-standing and fast-growing customer base,” noting that the combination with Farrow will provide them with additional resources through the Canadian-owned firm’s logistical network and experience.
“We are excited about our future together,” he added.
Grant Robinson, CEO of Farrow, said the companies share “common values that focus on employee and client centricity.”
D.J. Powers was named the World Trade Center Savannah’s International Business of the Year in 2017, and its accolades also include the president’s E Award for Export Service Excellence.
For more information, visit www.djpowers.com or www.djpowers.nl or www.farrow.com.