Ocean freight and logistics company UTi Worldwide Inc. on Wednesday said it acquired privately held Market Industries for $197.1 million in cash.

The acquisition of the Portland, Ore.-based provider of truck brokerage services is the biggest for the 13-year-old Rancho Dominguez-based company and fills a major part of its strategy to manage and control the logistic flow from manufacturer to consumer around the globe, the company said in a statement.

UTi expects the transaction to be modestly accretive to its earnings in the first year.

UTi funded the acquisition with a combination cash reserves and proceeds from a new $150 million senior secured six-month term credit facility. The company also said it plans to raise up to $200 million in a private placement of senior notes and is proceeding with a new $250 million worldwide revolving credit facility.

Market Industries has nearly 600 employees that facilitate the movement of more than 300,000 truckloads each year and provide services to over 5,000 customers across various markets. In 2005, the company generated revenues of approximately $358.9 million.

“The acquisition of Market Industries gives us the domestic ground transportation piece of the global freight management puzzle here on the West Coast we needed. We also gain considerable know-how from Market Industries; they’ve been doing this for more than 35 years,” said company spokeswoman Angie Yang.

UTi has been aggressive in acquiring smaller companies in all of its markets in an effort to become a one-stop shop for cargo, freight and logistics shipping management. The company manages ground, air and sea cargo transport and have offices in more than 269 cities around the globe. UTi’s stock has responded to the strategy by jumping from $62 to more than $108 over the past year.

Shares of UTi fell 5.5 percent to settle at $100.16 on Wednesday.