Jul 22, 201612:47 PMBlog
Span Alaska acquired by shipping giant Matson
Freight forwarding firm Span Alaska, which has operations in Auburn for shipment to seven terminals in Alaska, has been acquired by Honolulu-based shipping leader Matson, Inc.
Specifically, Matson subsidiary Matson Logistics, Inc., has entered into a definitive agreement to purchase 100 percent of Span Alaska equity for $197.6 million.
The transaction, expected to close in this year’s Q3, is set to be funded from available borrowings under Matson’s $400 million revolving credit facility. Matson will not assume any Span Alaska debt in the deal.
"The acquisition of Span Alaska underscores Matson's long term commitment to Alaska and our mission to move freight better than anyone," said Matt Cox, president and CEO of Matson. "This investment will significantly expand Matson Logistics' platform into freight forwarding in Alaska, where Span Alaska's market leading value-added LCL consolidation model and focus on customer service and reliability will further solidify Matson's position as a critical freight transportation provider to Alaska.”
Cox added that Span Alaska will retain its management team and continue to operate under its current branding, independent of Matson’s ocean transportation operations.
Span Alaska’s South Sound imprint includes drayage services to and from the Port of Tacoma. Prior to the acquisition, the company, founded in 1978, had been a longtime partner to Matson; Span Alaska has been a customer of Matson’s Alaska operations for over three decades and is currently Matson’s largest northbound freight customer to the Alaska.