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Livingston buys Great Lakes Customs Brokerage
TORONTO, (Mar. 3, 2005) -- Livingston International -- one of Canada's largest customs brokers for U.S.-Canada trade -- has acquired all of the shares of N.Y.-based Great Lakes Customs Brokerage, including trade software company South Ranch Inc. Through its U.S. operating subsidiary, Livingston will acquire Great Lakes for approximately US $14.8 million. The company has over 70 offices and approximately 1,500 employees located at key border points across Canada and the U.S. Great Lakes and South Ranch were privately owned by their founders, Nick Quarantillo and Tom Korpolinksi. The deal will add about 103 employees to Livingston's U.S. workforce. Last year, Great Lakes had combined annual revenues of approximately US $7.4 million. For the foreseeable future, Great Lakes will continue to operate independently and focus on its loyal client base; South Ranch will also continue to provide their technology services to its predominantly U.S. air/sea customs broker clients. No staff reductions are expected. Great Lakes former owner Nick Quarantillo will head up the South Ranch application service provider (ASP) business as vice-president, SmartBorder, reporting to Livingston CFO Ben Wong, while Tom Korpolinski will run Great Lakes' U.S. brokerage operation as vice-president, Great Lakes Customs Brokerage, reporting to Peter Luit.
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