Panalpina continues to expands its perishables network in South America through the acquisition of CargoMaster S.A. in Colombia, and its subsidiary, Laseair S.A., in Ecuador. The companies reached a respective agreement on April 23, 2019. The parties have agreed not to disclose any financial details of the deal.
CargoMaster, with its subsidiary Laseair, is one of the largest companies in Latin America specialised in the air freight export of perishables. From Colombia and Ecuador, the two companies predominantly export to the US, but also to Europe and Asia.
“The acquisition will make us the undisputed perishables market leader in Colombia and Latin America, and strengthen our position in Ecuador. We are adding significant volumes and know-how to our already impressive perishables footprint in Latin America, which will allow us to further deepen our well-established relationships with the airlines and producers in the region,” explains Stefan Karlen, CEO of Panalpina.
CargoMaster exports flowers and fruits by air. It was founded in 1987 and today employs 134 staff in Colombia (Bogota, Medellin), and, through its subsidiary, 32 in Ecuador (Quito).
“In the last 32 years, we have catapulted ourselves to the top of the Colombian air freight market and built a very strong brand in the region and our industry. I am very proud of these achievements and the employees that made it all possible,” says Felipe Sanchez, founder, CEO and majority shareholder of CargoMaster. “By going together with Panalpina with its strong heritage in Latin America, we have the opportunity to become part of an even bigger success story in the perishables industry.”
