Freight forwarder Accelerated Global Solutions, which was acquired in November by startup parcel delivery service SpeedX, said Monday it has taken a 15% stake in Malaysia-based KGW Logistics. The transaction is part of owner Chris Zheng’s ambitious plan to develop within 18 months a $1 billion company capable of managing customers’ entire logistics process from origin to destination.
The KGW investment expands Accelerated Global Solutions’ footprint in Asia and bolsters its trans-Pacific ocean and customs brokerage services. New York-based AGS currently manages air and ocean exports from facilities in China, Hong Kong, Vietnam, Taiwan and the Philippines, and operates 10 warehouses in North America.
With over 300 employees, AGS handles logistics for fast-fashion, automotive, health care, technology, metal and seafood companies, in addition to e-commerce sellers and distributors.
KGW specializes in ocean freight, moving more than 10,000 standard shipping containers per year to North America. It also provides warehousing and distribution, truck delivery, and project cargo services, as well as some airfreight. The partnership enables KGW to gain access to Accelerated Global Solutions’ shipping and distribution network and adds scale to their combined offerings.