Janel is a holding company with three operating businesses: freight logistics, life sciences reagents, and industrial mixing equipment. The largest segment is Logistics, a non-asset-based freight forwarding and customs brokerage operation. Janel's logistics subsidiaries help businesses move freight via air, ocean, truck, and rail, and handle customs filing, warehousing, and cargo insurance. Janel earns logistics revenue through flat fees for defined services and the spread between carrier rates and what Janel charges customers. The Life Sciences segment manufactures and distributes antibodies and research and diagnostic reagents through a portfolio of nearly 5,000 products, selling to academic institutions, nonprofits, and commercial life science companies. The Manufacturing segment is Indco, which makes industrial mixing equipment for customers in chemicals, paints, food, pharmaceuticals, and other industries. Indco sells both standard catalog products and custom-designed mixing solutions. Janel grows through acquisitions, typically buying 80% of a target upfront with a commitment to acquire the remaining 20% within a few years, retaining existing management post-acquisition. Recent acquisitions include Airschott and Interlog USA in Logistics, and ViraQuest and Biosensis in Life Sciences. Janel also holds roughly 47% of Rubicon Technology, a sapphire materials company, as an investment position.