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UPS To Acquire Coyote Logistics for $1.8Bn

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UPS said it has entered into a definitive purchase agreement to acquire Coyote Logistics, a technology-driven, non-asset based truckload freight brokerage company for $1.8 billion from Warburg Pincus.

Founded in 2006, Coyote reported annual revenue of $2.1 billion in 2014. 

Closing is expected within 30 days, subject to customary conditions and regulatory approvals, according to a statement released by UPS on its website on Friday.

The transaction will be financed with available cash resources and through existing and new debt arrangements.  The acquisition is expected to be accretive to UPS earnings in 2016.

“The brokered full-truckload freight segment is a high growth market and we expect it will continue to outpace other transportation segments,” said David Abney, UPS chief executive officer. “This high quality acquisition significantly increases UPS full-truckload scale and we are uniquely positioned to take advantage of exciting new revenue growth and synergy opportunities.”

“The Coyote management team is very excited to become a part of UPS and continue to grow, now with UPS’s support.  We’re also very thankful for the Warburg Pincus partnership over the last several years,” said Jeff Silver, Coyote CEO.

“Our great people, leading technology and flexible organization will enable us to scale quickly to take full advantage of the added customers, lanes and capacity within UPS,” Silver said.  “It’s a great day for Coyote employees, our customers and our contracted carriers.”

Coyote arranges customers’ freight shipments on available trucking capacity contracted to members of its large carrier network, numbering more than 35,000 trucking companies.  Coyote has experienced very rapid revenue growth since inception and has built extensive relationships with a broad customer base.

The company enjoys strong market positions among food and beverage, and consumer goods customers, as well as paper and packaging, industrial and retail segments.

Following the acquisition and integration of Access America Transport to its network last year, Coyote added industry leading strength in flatbed serviced segments such as heavy equipment and construction.

During the peak holiday shipping season, UPS often supplements its fleet with contract transportation providers to meet customer demand.

Coyote has played a growing role in supporting UPS peak operations over the past few years and the company expects to leverage Coyote’s carrier network even further for this purpose in the future.

UPS has also identified revenue growth and fleet efficiency synergy opportunities by hauling shipments arranged by Coyote using existing UPS backhaul capacity within its tractor/trailer fleet.

“Through the Coyote network, UPS will provide our combined customer base with an even more seamless supply chain solutions portfolio from multi-modal freight shipments to small-package delivery,” said Alan Gershenhorn, UPS executive vice president and chief commercial officer.

“We will now also have the technology to help our customers improve the utilization of their fleets as part of an extended network of carriers,” Gershenhorn said.  “We see opportunities for greater customer and UPS fleet asset utilization that will deepen our partnerships with customers.”

“In addition to the core profitability of Coyote, UPS is well positioned to realize a run-rate of $100 to $150 million of annual operating synergies, from backhaul utilization, purchased transportation and cross-selling opportunities,” said Abney.

Coyote uses a suite of proprietary information technologies that provides market-leading transportation management applications.  The company also offers several software applications that customers and transportation providers can easily integrate.

Coyote possesses significant industry knowledge, intellectual property, employee talent, and has a strong company culture.  For these reasons, Coyote will operate as a subsidiary of UPS, under Jeff Silver’s leadership, with careful attention given to supporting the unique characteristics that have enabled its success to date.

“UPS is enthusiastic about this acquisition on many levels because there are opportunities for growth, synergistic efficiencies and transfer of best practices and systems across all of our operating segments,” said Abney.

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Uche Ikejimba Secures Sixth Consecutive AMVCA Nomination With Best Unscripted M-Net Original Nod

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Uche Ikejimba, Award-winning producer, has secured her sixth consecutive Africa Magic Viewers Choice Award nod. The organizers made the nomination announcements on Sunday, March 24, 2024, across all Africa Magic channels. It saw Ikejimba clinch a nom in the ‘Best Unscripted M-Net Original’ category for What Will People Say.

In 2022, Ikejimba received two nominations for ‘Best Africa Magic Original Drama Series’ for Unmarried and Dilemma. She secured two other nominations in 2023 in ‘Best Unscripted Original’ for Come Play Naija and ‘Best Original Drama Series’ category for Unmarried.

Speaking about her latest nomination, Ikejimba said, “I’m very humbled and beyond grateful to be receiving my sixth consecutive AMVCA nomination. Anyone who knows me will acknowledge that I often put my blood, sweat and tears into the shows I produce. After Truth won its nomination in 2020, I’ve been holding on patiently for a second win and I hope this is the year. So, here’s my hearty congratulations to my fellow nominees and a huge thank you to the AMVCAs organisers for honoring me.”

Ikejimba is one of Africa’s most-sought after serial producers, and has earned herself the title, ‘Reality TV Series Savant’, with work on 100% Naija, Vodafone Icons, Naija Sings, Calabar Festival Diaries, Big Brother Reunion, Shoot Your Shot, What Will People Say, Come Play Naija, and the more recently airing Husband Material and Overall Best.

She came into the world of Television production as an associate producer on Moments with Mo, the first and only syndicated daily talk show in Africa at the time. However, she has also proven that her talents go beyond producing reality shows or unscripted serials, and she can run with the best in producing original drama series.

In 2016, she landed her first commissioned project with Africa Magic titled Hustle. The series about a young man’s first time in Lagos became an instant hit and ran for three seasons, with 360 episodes. She created, wrote and produced Blink’s original 26-episode drama series titled Truth. The show won an AMVCA for ‘Best TV Series’ in 2020. That same year, she produced and wrote the hit series, Unmarried. The show ran for four seasons and ended on a high.

Off the success of these drama series, she produced Africa Magic’s Dilemma, a 260-episode telenovela. She produced Shallow and the recent Africa Magic fanfavourite original, Manfriend. The show follows the women of the King family and their dysfunctional relationship with the men in their lives. She also produced Showmax’s first original law limited series, AGU in 2023. Her first feature length film, Phantom is a co-production and is also nominated for several awards such as the Toronto International Nollywood Film Festival (TINFF).

Uche Ikejimba has beaten many odds to become a producer and remained steadfast in her commitment to producing the best shows Africa has ever seen. As the continent prepares for the milestone 10th AMVCA, the Reality TV Series Savant and producer extraordinaire is content to celebrate her sixth consecutive nomination. Find out if she clinches her second AMVCA win when the awards air live across all Africa Magic channels on May 11, 2024.


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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