April 22, 2010 — Odyssey Logistics announced today that it has acquired International Forwarders, Inc. (IFI), an independently-owned export freight forwarder and customs house broker based in Charleston, S.C. The purchase allows Odyssey Logistics to strengthen its customs broker and duty drawback capabilities as well as expand its export forwarding business.
Odyssey Logistics has provided freight-forwarding services to clients through its wholly owned affiliate, Odyssey International LLC (OI) located in Danbury, CT. This acquisition is being made by OI which will be expanding with a second location and additional services and customers through this acquisition.
“Odyssey Logistics acquired International Forwarders, Inc. to add additional import-oriented services to our portfolio, improve our competitive cost structure and allow us to meet growing market demand for import/export logistics services for our clients,” said Douglas L. Clark, president, Odyssey International, and senior vice president, Global Marine & International Logistics Services, Odyssey Logistics. “Additionally, this acquisition eliminates outsourcing of certain services thereby adding revenue to our company’s top line.”
Odyssey Logistics will continue to utilize the current International Forwarders facility in Charleston. The 40 employees working for IFI will become part of the Odyssey Logistics enterprise immediately. All current IFI customers will continue to be served in Charleston for freight forwarding and import services.
Odyssey will continue to provide freight-forwarding services in its Connecticut location as well. Import services provided by other service companies may be transitioned to IFI as contracts or opportunities arise.
“As we continue to increase our global customer base, establishing new operations in South Carolina offers Odyssey Logistics a strategic location for wider market penetration,” said Robert H. Shellman, president and chief executive officer of Odyssey Logistics. “Further, we now have an additional site with unmatched customs house brokering and international freight-forwarding expertise in close proximity to a world-class port.”
“Odyssey is continuing to look for acquisitions that expand its services and client base. The IFI purchase meets these criteria. Finally, I want to thank the team of local and South Carolina officials for their assistance in making this possible,” Shellman said.
