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Learns from Intertrans acquisition; makes internal changes to management and information systems.
After a tough year of dealing with its acquisition of Intertrans Corp., many industry analysts thought Fritz Cos. would put the brakes on its rapid expansion.
"No way," said Lynn C. Fritz, chairman and chief executive officer of the San Francisco-based forwarder and customs broker. "We're looking at doubling or maybe tripling our business during the next three years."
Since 1993, Fritz has acquired 47 small and mid-sized forwarders worldwide. Last year alone, the company completed 16 acquisitions, including firms in Hong Kong, Finland, Canada and Venezuela.
Most of these companies were easily absorbed into Fritz's network. But the biggest acquisition, Intertrans, proved difficult to digest. After taking over Intertrans, Fritz ran into unexpected problems straightening out the acquired company's bad debts, …