The Hipage Company, Inc., a Customs Broker and International Freight Forwarder founded in Norfolk in 1927, has acquired W.M. Stone & Company, Inc., a local competitor, for an undisclosed amount.

Both firms, privately held, are based in Norfolk and part of the city's maritime heritage.

All full time W.M. Stone employees have been offered positions at Hipage, which employs 150 people in 12 offices in 5 states.

Hipage is one the largest privately owned customs brokerage and international freight forwarding firms in the United States with gross revenues exceeding $250 million a year.

William Meade Stone founded W.M. Stone, Inc. in 1907. His grandsons, Meade G. Stone, Jr. and Stuart C. Stone, currently lead the firm. "The acquisition of W. M. Stone fits our culture," said Linwood D. Beckner, part owner and executive vice president of Hipage. "We have known and respected each other for many years, even though we have been competitors."