Ryder System, Inc. (NYSE: R), a leader in supply chain,
dedicated transportation, and fleet management solutions, announces
it entered into a definitive agreement in the third quarter to
acquire all of the outstanding equity of IFS Holdings, LLC, also
known as Impact Fulfillment Services (IFS). IFS specializes in
contract packaging, contract manufacturing, and warehousing for
some of the largest and best-known consumer brands in the United
States, primarily in the consumer packaged goods (CPG), retail, and
healthcare industries. As part of the transaction, Ryder will
acquire 15 operations across Florida, Georgia, Illinois, North
Carolina, Ohio, Pennsylvania, Texas, Utah, and California.
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The transaction is expected to add approximately $250 million in
annual total revenue to Ryder’s supply chain solutions business
segment and be accretive to shareholders. Ryder and IFS expect to
complete the transaction in early November 2023, subject to
satisfaction of antitrust approvals and customary closing
conditions.
“The acquisition of IFS supports our strategy to accelerate
growth in our supply chain business, providing Ryder with new
capabilities that are complementary to our existing suite of
services,” says Steve Sensing, president of supply chain solutions
for Ryder. “Initially, the co-packaging and co-manufacturing
services will roll into our CPG vertical; however, we see
considerable opportunity to leverage these new capabilities across
other industry verticals.”
IFS has built a blue-chip customer base with its proven model
for co-packing and co-manufacturing in both food and non-food
products, including a specialty in blending and filling dry powder
and viscous products.
“Ryder already serves the top 10 U.S. food and beverage
companies, and this acquisition will expand and strengthen our
relationships with those customers while also attracting new
customers in additional verticals, especially in retail, health,
and beauty,” says Darin Cooprider, senior vice president of CPG for
Ryder. “And IFS’ customer base will benefit from access to Ryder’s
capabilities as a fully integrated port-to-door logistics
provider.”
Ryder will integrate the IFS facilities and operations into its
supply chain solutions business, including nine multiclient and six
dedicated customer operations, totaling just under four million
square feet. To ensure a seamless experience for customers, Ryder
plans to retain IFS’ workforce of approximately 1,000 full-time
employees. President of IFS Rob LeBaron will join Ryder as vice
president of contract manufacturing and packaging.
“As we considered the next step in our growth strategy, it
became clear that joining Ryder would open doors in just about
every industry vertical while allowing our marquee customer base to
leverage Ryder’s comprehensive suite of services,” says
LeBaron.
Founded 25 years ago, IFS specializes in contract manufacturing,
contract packaging and assembly, display engineering, product
launches, multichannel programs, and club store programs.
“IFS was built on trust, saying what we do and then doing what
we say,” says IFS Founder Todd Porterfeld, who plans to retire.
“It’s the people who come to work every day determined to deliver
on the promises we make that have led to our success. Thinking
about the future, I want to ensure our employees are in a place
where they can continue to grow, and our customers are in the best
possible hands. I believe Ryder is that place.”
Blank Rome LLP is acting as Ryder’s legal counsel for the
transaction. Wofford Advisors LLC and Paul Hastings LLP are
representing IFS.
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) is a leading logistics and
transportation company. It provides supply chain, dedicated
transportation, and fleet management solutions, including
warehousing and distribution, e-commerce fulfillment, last-mile
delivery, managed transportation, professional drivers, freight
brokerage, full-service leasing, maintenance, commercial truck
rental, and used vehicle sales to some of the world’s
most-recognized brands. Ryder provides services throughout the
United States, Mexico, and Canada. In addition, Ryder manages
nearly 260,000 commercial vehicles and operates approximately 300
warehouses encompassing more than 95 million square feet. Ryder is
regularly recognized for its industry-leading practices in
third-party logistics, technology-driven innovations, commercial
vehicle maintenance, environmental stewardship, corporate social
responsibility, world-class safety and security programs, military
veteran recruitment initiatives, and the hiring of a diverse
workforce. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements
and information included in this news release are “forward-looking
statements” within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on our current plans and expectations and are subject to
risks, uncertainties and assumptions. Accordingly, these
forward-looking statements, including our expectations regarding
the benefits and timing of the transaction, should be evaluated
with consideration given to the many risks and uncertainties that
could cause actual results and events to differ materially from
those in the forward-looking statements including those risks set
forth in our periodic filings with the Securities and Exchange
Commission. New risks emerge from time to time. It is not possible
for management to predict all such risk factors or to assess the
impact of such risks on our business. Accordingly, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
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Anne Hendricks amhendricks@ryder.com
Amy Federman afederman@ryder.com
Ryder System (NYSE:R)
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