American Fast Freight Buys Caribbean Shipping Services
Terms weren’t announced by American Fast Freight, which specializes in managing ocean freight shipments among the U.S. mainland and offshore points such as Alaska, Hawaii and Puerto Rico. The announcement did say that Paul Robbins, chairman of Jacksonville, Florida-based Caribbean, will remain head of that company with the title of president.
The acquisition by AFF continues a trend that has permeated the transportation and logistics industry this year. The most recent deal was announced two days ago when Apax Partners, a New York private equity firm, said it would spend $800 million to buy Quality Distribution, the tank carrier that ranks No. 34 on the Transport Topics Top 100 list of for-hire carriers in the United States and Canada.
“The purchase of Caribbean Shipping Services will add substantial enhancements to AFF’s current operations on the Eastern Seaboard,” the statement said, by increasing capability to move refrigerated cargo. The Fife, Washington-based company already has a dry freight operation in the trade.
“This acquisition is a great stride forward for AFF,” company CEO Kevin Kelly said in the statement.
The buyer is a subsidiary of The Jordan Co. II and is partly owned by AFF’s management.
