LBC moves to keep dominance in logistics
Logistics provider LBC Group has boosted its logistics backbone with the acquisition of an affiliate digital logistics firm and a strategic investment in a freight forwarding, cargo handling and management firm.
LBC Express Holdings Inc. disclosed to the Philippine Stock Exchange yesterday the acquisition of 86.11 percent of QuadX Inc.—the company behind growing digital platforms such as Shipping Cart and Check Me Out—by subscribing to new shares worth of P186.02 million.
Separately, LBC announced the acquisition of 30 percent of Orient Freight International Inc., (OFII) a 44-year-old freight forwarding, cargo handling and management company, through the purchase of a mix of primary and secondary shares worth P218.83 million.
“Our vision for the next few years is to pave the way for digital logistics in the Philippines, and continue to lead the industry,” said Mike Camahort, chief executive officer of LBC Express Holdings.
The acquisition of QuadX, he said, was a continuation of LBC Express Holdings’ plan to consolidate affiliate businesses both within the Philippines and across the globe.
“It’s a very exciting time in logistics, and there’s much to do quickly in order to be constantly, globally competitive—everything is now in “real time”; getting into digital is definitely a must,” Camahort added.
In 2017, QuadX’s transaction volume grew by 330 percent, starting with 280,000 average monthly transactions in the first quarter, and ending the year with 1.2 million average monthly transactions in the fourth quarter. It serves more than 25,000 merchants, mostly small- and medium-enterprises.
QuadX is now operating eight hubs, and employing 1,200 delivery couriers/riders.
Quad’s ShippingCart (www.shippingcart.com), created in 2015, is the fastest growing cross-border, web-based shipping and delivery service from the US to the Philippines.
Created in 2016, CheckMeOut (www.checkmeout.ph) is a payment and delivery platform that makes online selling accessible to all sellers and entrepreneurs. —DORIS DUMLAO-ABADILLA
