Richmond logistics and freight forwarder acquires supply chain company

“EFW and SBS are very like-minded when it comes to customers,” said Paul Goff, founder and president of SBS. “It’s important that our customers are going to have a more enhanced package of services going forward, and we will be able to serve our customers in a lot more areas.”

EFW, a subsidiary of the private transportation company Estes Express Lines, provides domestic and international transportation solutions, including air and ground transportation, truckload brokerage and trade show service. The company celebrated 20 years of business this month.

SBS is of the few single-source, asset-based companies in the supply chain industry. Its services include warehousing, U.S. customs brokerage services, and domestic and international transportation.

The two companies were introduced by a mutual customer, and they determined that their respective strengths complemented each other. SBS conducted 70% of its business internationally, while EFW was looking to expand its international reach.

“It’s very collaborative,” Goff said. “The cultures are very similar, and it’s been a positive experience.”

The deal includes SBS of Asia, which will extend EFW’s footprint in Taiwan, Hong Kong, China, Vietnam and Singapore. In total, EFW is anticipating $1 billion in revenue by the end of 2025.

EFW will retain the Estes Forwarding Worldwide name, with SBS transitioning to EFW branding over the next few weeks. Goff will work as EFW’s executive vice president, with EFW CEO Scott Fisher serving as head of the combined companies.

The announcement was made to both companies on Sept. 13, and the acquisition is expected to close in late October.

“The reactions on both sides have been overwhelmingly positive,” Fisher said. “At the end of the day, people understand growth means opportunity. Opportunity means good things for them personally.”

EFW will add port and rail drayage as well as a line haul trucking piece that deploys 100 additional drivers. The company will expand from 750 employees to more than 1,100 nationwide, which stands in contrast to competitors that have recently reduced staff, according to Fisher.

“The focus is our employees and our customers,” he said. “We’re very aligned on those two key initiatives.”

The combined warehousing of EFW and SBS will take up 7.2 million square feet across the U.S., placing them among the top 40 to 50 warehousing and contract logistics companies in North America.