CI Capital Partners acquires Transplace, third-party logistics provider
Transplace, founded by 6 freight carriers, provides logistics and transportation managements services to manufacturers and others with a web-based platform.
CI Capital Partners LLC, a New York-based private investment firm, and J.B. Hunt Transport Services Inc., Swift Transportation, U.S. Xpress Enterprises and Covenant Transportation Group, Inc., today announced that an affiliate of CI Capital Partners has acquired Transplace, a leading provider of non-asset based third party logistics ("3PL") and transportation management services. Terms of the transaction were not disclosed.
Founded in 2000 by six of the largest freight carriers in the U.S., Transplace helps customers manage complex logistics and shipping needs by providing customized solutions through a proprietary web-based platform. The company says it provides transportation outsourcing, carrier contracting and negotiation, and freight brokerage services to a diversified blue chip customer base. As one of the top 10 freight capacity brokers in the U.S. and a leading provider of 3PL services, Transplace says it generates revenue in excess of $700 million from approximately 650 customers.
Tom Sanderson, Transplace's CEO said: "We are pleased to complete a transaction that will provide Transplace with the capital to continue its internal growth and take advantage of attractive acquisition opportunities. CI Capital Partners has a long track record of growing businesses, while building value and creating attractive opportunities for employees." Sanderson also thanked former owners, including J.B. Hunt Transport Services Inc., Swift Transportation, U.S. Xpress Enterprises and Covenant Transport, for support since Transplace formation in 2000, adding that he expects them to "continue to be part of our carrier network."
Joost Thesseling, Principal at CI Capital Partners, said: "Transplace is an excellent growth platform in the 3PL and transportation management sector.... The market for outsourced transportation is very large and fragmented, and we believe Transplace is well positioned to continue to expand its 3PL and freight brokerage businesses organically as well as through strategic acquisitions."
CI Capital's legal counsel is Paul, Weiss, Rifkind, Wharton & Garrison LLP. Transplace was represented by Thompson & Knight LLP. CI Capital Partners LLC is a New York-based private equity firm. www.cicapllc.com.
Transplace is a non-asset based third-party logistics (3PL) provider offering manufacturers and retailers the optimal blend of logistics technology and transportation management services. From complete logistics management outsourcing to intelligent transportation management systems (TMS) to supply chain network planning and design to high-quality brokerage services, Transplace has proven the ability to deliver both rapid return on investment and consistent value to customers. www.transplace.com.
J.B. Hunt Transport Services Inc. focuses on providing safe and reliable transportation services to a diverse group of customers throughout the continental United States, Canada and Mexico. J.B. Hunt Transport Services is traded on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average and the NASDAQ-100 Index. www.jbhunt.com.
Swift Transportation Co. Inc., a wholly owned subsidiary of Swift Corporation, operates the largest fleet of truckload carrier equipment in the United States consisting of approximately 16,700 tractors, 49,300 trailers and 5,700 intermodal containers, operating from 35 major terminals in the United States and Mexico. www.swifttrans.com.
U.S. Xpress Enterprises Inc. says it is the nation's third-largest privately-owned truckload carrier. U.S. Xpress Enterprises, Inc. provides dedicated, regional, and expedited team truckload services throughout North America. www.usxpress.com.
Covenant Transportation Group Inc. is the holding company for several transportation providers that offer premium transportation services for customers throughout the United States. The NASDAQ Global Select under the symbol CVTI. www.covenanttransport.com.
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- Edited by Mark T. Hoske, online products editor, Manufacturing Business Technology , MBT, www.mbtmag.com