Near North Customs Brokers has acquired Generational Equity client Summit International Trade Services Inc. The acquisition closed March 3, 2017. Details were not disclosed.
Summit International Trade Services, located in Richmond, British Columbia, is a full-service, standalone customs brokerage business. With seven offices located in British Columbia and one in Whitehorse, Yukon, the company is positioned to provide clients with local service in most cases. Additionally, Summit’s in-house software allows them to obtain electronic releases at almost any Customs port in Canada. Summit has extensive knowledge of Canadian customs laws and a long history of Canada Border Services Agency (CBSA) compliance.
“Selling a business is one of the most stressful and complicated things an owner will experience, and Generational Equity helped make the sale of our company a lot easier to negotiate both financially and emotionally,” said Summit President & CEO Sharmaine Shultz, who will remain in her current role along with Vice President Steven Kendall.
Near North Customs Brokers, headquartered in Barrie, Ontario, provides superior customs brokerage, consulting services, and freight forwarding to customers from any point in the world.
"This was a strategic business move for Near North, but it goes beyond acquiring new offerings and greater reach," said Dave Jupp, Near North Vice President Sales. "Of importance to both companies were our shared values of operating with integrity, excelling as a true business partner for our customers, being an employer of choice, and giving back to the community. Summit has long been on our radar due to its excellent reputation and we are delighted to make this deal a reality."
Generational Equity Managing Director Stephen Crisham’s team, headed by trusted affiliate Ted Rattenberry and supported by Generational Equity Vice President Lori Galloway, successfully closed the deal.
“The customs brokerage industry is going through a consolidation, and as a result we experienced strong interest from a number of companies in the industry,” said Rattenberry. “Of course, price and other terms of a transaction were key considerations, but finding the right fit for the business was of paramount importance to our clients. Near North Customs Brokers not only represented a strong strategic fit but there was also an ideal cultural alignment between the two organizations.”
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