Los Angeles Business from bizjournals - 10:43 AM PDT Tuesday by Eric Durr, Albany Business Review
Thomas Valentine, president and owner of Capitaland Express Inc., has sold his Latham, N.Y., freight forwarding company to a subsidiary of Target Logistics Inc.
Capitaland, which was formerly affiliated with Team Worldwide, a Winnsboro, Texas, freight company, had revenues of $10 million during its last fiscal year. The company is now part of Target Logistics Services Inc., a wholly owned subsidiary of the parent corporation, which is located in Carson.
The terms of the deal were not disclosed.
Valentine, who will stay on as general manager of what is now a Target Logistics location, said the sale was a good move for the company and its 14 employees. Capitaland was founded in 1988.
"The way that the global business is moving, an independent company is at an extreme disadvantage from a branding stand point," Valentine said.
"For several years we have been considering what was the right place for our business to be placed and we really, really felt strongly that Target was the place to have a home for the rest of our careers. This is a very strategic move," he said.
In a written statement, Target Logistics CEO Stuart Hettleman said the acquisition was "an excellent opportunity for Target to have a seasoned professional lead a group of veteran employees in a solid market."
Joining Target is "an incredible transaction" for Capitaland's clients because the company has greater access to Asian markets than Team Worldwide did, Valentine said.
"This gives us an advantage that most companies don't have in that area, that translates to benefits for our clients," Valentine said.
Target also has access to proprietary software and IT technology that makes tracking shipments more efficient, Valentine said.
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