New York-based forwarding and logistics company Accelerated Global Solutions (AGS) is investing in a 15% stake in Malaysia-headquartered KGW Logistics.
AGS itself was acquired by Chris Zheng founder of last mile delivery specialist SpeedX in November.
You may recall that Chris Zheng, Founder of SpeedX, a tech-enabled last-mile delivery specialists,
AGS says the move will solidify its position in trans-Pacific trade and deepen its global freight forwarding presence. KGW is provides of air freight services as well as warehousing and distribution solutions for healthcare-related products and devices and moves over 10,000tei of seafreight a year to North America.
KGW meanwhile gains access to AGS’s global network, including warehouses and last-mile delivery in North America, Greater China, Southeast Asia, and Europe. SpeedX’s last-mile network across over US 9,000 zip codes.
The investment is part of Zheng’s ambition to build a $1 billion end-to-end supply chain solution infrastructure within 18 months.
He stated:“By combining our existing freight forwarding and brokerage capabilities, KGW’s ocean freight expertise, and SpeedX’s innovative last-mile solutions, we are creating an infrastructure that meets the demands of a globalized economy. This partnership reflects our commitment to delivering efficient, cost-effective, and tech-enabled global logistics solutions.”
Pictured: Chris Zheng (left) with Dato’ Roger Wong, managing director of KGW Group