German freight forwarding unicorn Sennder is on a roll. Today the company announced that it is acquiring the European ground transportation assets of logistics giant C.H. Robinson in an all-cash deal. The terms of the deal are not being disclosed but a source close to the company says it is similar in value to the acquisition Sennder made in 2020 of Uber’s European freight business.

That deal was an all-stock transaction and rumored to be around €900 million at the time.

C.H. Robinson is estimated to be the second-biggest logistics provider globally after Amazon and its market cap is currently over $10 billion. The acquisition is expected to double Sennder’s annual revenue to €1.4 billion (meaning it is currently seeing revenues of €700 million, and so is the operation it is buying). The combined business will have 1,700 employees across 20 markets, putting Sennder among the top-five companies working in so-called “full truck load” services in Europe.

Notably, this is the second scoop that Sendder is taking out of C.H. Robinson’s business: in May it poached the bigger company’s head of engineering Kollen Glynn as its new CTO.

Sennder has also made other acquistions to expand its fleet and overall footprint. In 2021, it also acquired Cars&Cargo out of The Netherlands, also for an undisclosed price.

Both of those acquisitions were playing out at a time when e-commerce, and the wider technology market, were hitting high-water marks. The spread of Covid-19 kept consumers working at home and staying online more, sending people clicking for goods and services that they might have normally procured in person. All of that also contributed to two fundraises for Sennder in rapid succession: it raised $160 million in January 2021, and then another $80 million in June 2021, with a valuation of over $1billion.

Many sectors of tech, including e-commerce, are now operating under leaner conditions, which makes Sennder’s latest acquisition all the more interesting. It does underscore the bigger consolidation play that we have been tracking across multiple sectors, where companies with the cash (or coveted shares) to spare are snapping up assets to get better economies of scale — while others are working to downsize (and sell off assets) to reduce operational costs as they focus on their core operations.

The deal is expected to close in Q4 2024, following regulatory approval. We understand that another fundraise is one of the “strategic options” Sennder is exploring.

“This acquisition will be pivotal in advancing sennder’s roadmap. With its vision to accelerate global trade to deliver products and goods that drive the world’s economy, C.H. Robinson aligns strongly with sennder’s mission and values to create an efficient and sustainable road freight network in Europe,” said David Nothacker, CEO of Sennder, in a statement. “We are deeply impressed by the European Surface Transportation team from C.H. Robinson, and with our combined business and enhanced talent pool, we can deliver substantial growth and operational scale, accelerating our European expansion and increasing network density and digital capabilities for the benefit of carriers, shippers, and the wider industry. We are excited to welcome the EST team, and embark on the next chapter of sennder’s journey.”