French logistics company Geodis said Tuesday that it has acquired freight broker Velocity Freight Transport Inc. from McLane Co. Inc., a unit of conglomerate Berkshire Hathaway Inc (NYSE: BRK.A, BRK.B) Terms of the transaction, which closed June 30, were not disclosed.
Velocity, based in Plano, Texas, a suburb of Dallas, will remain in its current location. Geodis’ Americas operation is based in Brentwood, Tennessee, near Nashville.
The transaction will have a modest impact on Geodis’ brokerage business. According to research and consulting firm Armstrong & Associates Inc., Geodis generated $406.6 million in gross brokerage revenue in 2020, placing it 41st on Armstrong’s list of the top 100 brokers. Velocity generated about $26 million in gross revenue last year, according to Armstrong data. Gross revenue is the amount of revenue a broker generates before deducting the cost of transportation.
Geodis operates more than 150 U.S. warehouse facilities with over 47 million square feet of warehousing space.
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