After five years without a traditional brokerage acquisition, C.H. Robinson announced Monday it's buying DeSpir Logistics, an Illinois-based specialist in secure transportation and cargo escort services, for $75 million. The deal marks the first acquisition under CEO Dave Bozeman's three-year tenure and represents a strategic bet on high-value, high-security freight as cargo theft grows more sophisticated. DeSpir generated $62 million in revenue last year, putting the purchase price at just 1.2 times revenue — a surprisingly low multiple for the logistics sector.
The acquisition targets what C.H. Robinson calls "mission-critical, high-value freight across North America," including life-saving pharmaceuticals requiring strict temperature control and critical data center equipment frequently targeted for theft. DeSpir specializes in handling cargo "where the stakes are incredibly high," serving industries like healthcare, life sciences, data centers, aerospace, and high-value retail where precision and real-time visibility are essential. The company's last traditional brokerage purchase was in June 2021, when it acquired Europe's Combinex Holding B.V. for $14.7 million. C.H. Robinson held nearly $160 million in cash and related assets at the end of the first quarter, giving it substantial firepower for deals.
According to the company, the acquisition "strengthens C.H. Robinson's capabilities in premium, defensible services where security, compliance, and execution excellence are key decision drivers." Michael Castagnetto, head of North American Surface Transportation at C.H. Robinson, framed the deal simply: "We're taking very specific, nuanced expertise and coupling it with our scale." At an investor conference last month, CFO Damon Lee had forecast exactly this type of move, describing the potential to acquire a "specialized small, medium-sized player that gives us capability that we don't have today. You put the Robinson scale behind it. The ROI is incredible."
The deal reflects C.H. Robinson's calculated approach to acquisitions after years of internal restructuring. Lee told investors the company "had to get the company ready for an acquisition," acknowledging they "weren't ready" six or twelve months ago. Bozeman emphasized the company's discipline, noting that "Robinson has been around 120 years and has always done M&A" but insisting "the ratios are good" now for deals. The low purchase price suggests C.H. Robinson is prioritizing capability over scale, betting that DeSpir's specialized expertise in handling sensitive, regulated shipments will unlock value when paired with the country's biggest third-party logistics provider's massive distribution network and fraud prevention infrastructure as supply chains grow more complex.