After a five-year wait, C.H. Robinson makes a broker acquisition

At an investor conference in New York last month, C. H. Robinson CEO Dave Bozeman was asked whether the country’s biggest 3PL was in the market for an acquisition, something that was not believed to have happened on his watch that began three years ago. Bozeman suggested at the time that the wait might be coming to an end.

“We said we’re going to be disciplined and measured,” Bozeman said at the Wolfe Research Global Transportation & Industrial Research Conference. “Robinson has been around 120 years and has always done M&A. It’s just one of those things.” Bozeman said the “ratios are good” at C. H.

Robinson (NASDAQ: CHRW) for an acquisition, “and we feel like we’ve got the mousetrap that’s built, and we think that will serve us well.” On Monday, the wait ended. Sort of. Specialized target C. H.

Robinson announced it was acquiring DeSpir Logistics, an Illinois-based “specialized provider of secure transportation and cargo escort services,” according to C. H. Robinson. DeSpir targets a market that C. H. Robinson described as “mission-critical, high-value freight across North America.”

The cost of acquiring DeSpir is a minor figure: $75 million for a company that had $62 million in revenues last year, for a surprisingly low ratio of 1. 2X. Although there was no announcement about it when it was completed, C. H. Robinson actually has made an acquisition in the Bozeman era: a company called Breaker19, which specializes in oilfield logistics.

C. H. Robinson bought Breaker19 in the fourth quarter of 2025. No prepared statement was released at the time of the acquisition. C. H. Robinson’s annual 10-K report to the Securities & Exchange Commission says nothing about buying Breaker19, listing it only as a subsidiary.

No information was provided on the price, which apparently was so low that the company did not even disclose the deal in its 10-K filing. It was not mentioned on either the fourth quarter 2025 or first quarter 2026 earnings call with analysts. Within the more traditional brokerage business, the previous C. H.

Robinson acquisition was in June 2021, when it acquired Europe’s Combinex Holding B. V. for $14. 7 million. C. H. Robinson held almost $160 million in cash and related assets on its balance sheet at the end of the first quarter. ‘Premium, defensible services’ “This acquisition strengthens C. H.

Robinson’s capabilities in premium, defensible services where security, compliance, and execution excellence are key decision drivers,” the company said in its prepared statement announcing the deal.

“This builds on the company’s ability to deliver tailored solutions for highly sensitive, regulated shipments across industries such as healthcare, life sciences, data centers, aerospace, and high-value retail — where precision, pre-planning, and real-time visibility are critical.

Demand for these services is accelerating as supply chains become more complex and cargo theft grows more sophisticated.” C. H. Robinson does have capabilities in this area that will now be expanded with the DeSpir acquisition. One C. H. Robinson executive quoted in the statement is Adam McDonough, vice president of committed assets.

He said the type of freight moved by DeSpir “requires an extra layer of protection.” “This is the kind of cargo where the stakes are incredibly high, like life-saving pharmaceuticals that must stay within strict temperature ranges, or critical data center equipment that is frequently targeted for theft,” McDonough said. His description of the deal said C. H.

Robinson is a “large, highly efficient logistics engine with industry leading safety and fraud prevention, while DeSpir is a specialized operations team within it — designed to handle complex, high-risk, high-value freight with the greatest level of control and precision. This is a specialized service that many of our customers need.”

Also quoted in the release is Michael Castagnetto, the head of North American Surface Transportation (NAST) at C. H. Robinson. NAST is the largest segment at C. H. Robinson and contains its core brokerage activities. “We’re taking very specific, nuanced expertise and coupling it with our scale,” Castagnetto said.

John Carr, the managing partner at DeSpir, said “joining C. H. Robinson allows us to extend that expertise to more customers, while continuing to deliver the level of control and precision our customers have always expected from us.” Bozeman was not the only C. H.

Robinson executive at the Wolfe conference who addressed the issue about what it would take for the company to make an acquisition. A high bar to buy Damon Lee, the company’s CFO, spoke about the acquisition philosophy at C. H.

Robinson in greater length than Bozeman, according to a transcript of the company executives’ interview with Wolfe analyst Scott Group. “We have a very high bar for M&A,” Lee said. “We’re not going to make a mistake on M&A. But we had to get the company ready for an acquisition. And I would argue, six months ago, 12 months ago, we weren’t ready.” Lee