UPS to buy Italy’s Bomi Group as it eyes cold-chain expansion

UPS to buy Italy’s Bomi Group as it eyes cold-chain expansion

(Reuters) -United Parcel Service Inc said on Monday it would buy Italy-based healthcare-logistics firm Bomi Group to bolster its presence in the temperature-critical medicine deliveries sector.

Atlanta-based UPS did not disclose financial details of the transaction, but the Wall Street Journal, which first reported the news on Sunday, said it was for several hundred million dollars.(https://on.wsj.com/3BOoINA)

JPMorgan (NYSE:JPM) acted as the sole adviser for UPS.

The deal is expected to help the world’s biggest package delivery firm add more than 350 temperature-controlled facilities, or warehouses used to store temperature-sensitive pharmaceutical products across 14 countries.

Founded in 1985, Bomi Group helps healthcare providers with warehousing and temperature-controlled supply chain logistics for sensitive pharmaceutical products across Europe and South America.

Bomi’s chief executive officer, Marco Ruini, will continue to head the Italian firm after the deal, UPS said, adding that Bomi’s employees would continue in the combined organization.