Logistics & Distribution Acquisitions in 2019

EQT Infrastructure II has completed the sale of Contanda LLC, a Houston-based provider of liquid bulk storage and logistics services, to institutional investors advised by J.P. Morgan Asset Management. Contanda operates 15 terminals in North America with over seven million barrels of capacity and ~275 employees; the sale represents a PE exit after a period of growth and capacity expansion under EQT's ownership.

Visible Supply Chain Management has purchased the assets of West Chester, Ohio-based Trade Global out of bankruptcy and will continue operating the business under the Visible name. The acquisition preserves more than 350 local jobs and expands Visible's e-commerce fulfillment, warehousing and logistics capabilities by adding an Ohio location and Trade Global's client base.

MODE Transportation has completed the acquisition of SunteckTTS Inc. from Comvest Partners, combining two large non-asset third-party logistics providers to create a multimodal logistics platform. The combined company expands capabilities across truckload, LTL, intermodal, drayage, air, ocean and parcel freight, facilitating more than 1.5 million annual shipments and generating over $2 billion of revenue.

Nalka Invest AB has acquired Best Transport Holding AB (Best), the Nordics' leading provider of express and same-day last-mile delivery services, from Valedo Partners Fund II AB and minority shareholders. The terms were not disclosed; Best has grown significantly under Valedo's ownership, expanding into Norway and Denmark and completing multiple add-on acquisitions.

Tilia Holdings has acquired Trilogy Warehouse Partners, a St. Louis-based provider of cold storage and multi-temperature warehousing services, effective December 6, 2019. The acquisition expands Tilia’s cold-chain and warehousing footprint in the Midwest and complements its existing portfolio companies (Refrig-It and Universal Pure) to provide broader geographic coverage and service capabilities.

Tower Arch Capital has completed a recapitalization investment in OSM Worldwide, a tech-enabled global parcel management and logistics services provider, partnering with the company's founding management team including CEO Gaston Curk and President Jim Kelley. The transaction provides capital and strategic support to fuel OSM's next phase of growth, including organic investments and acquisitions; terms were not disclosed.

Wind Point Partners portfolio company STG Logistics has acquired Veeco Holdings to expand STG's container freight station (CFS) and contract logistics capabilities on the U.S. East Coast. Veeco's management will remain and join STG's operations team, and STG plans to consolidate the majority of its New Jersey operations into Veeco's North Bergen footprint.

Wind Point Partners portfolio company A&R Logistics has acquired Plantgistix Holdings, a Houston-area provider of packaging, warehousing and export services for the plastic resin industry. The deal adds three Houston facilities and resin-handling capabilities to A&R's chemical export platform, advancing its multi-port export strategy and complementing recent East Coast expansions.

Tailwind Capital has acquired Banner Solutions from High Road Capital Partners; the sale closed on October 31, 2019. Banner Solutions, a Kansas City, Missouri-based wholesale distributor of door hardware, electronic access control and security products, was owned by High Road since 2017 and grew through multiple add-ons under its ownership.

SIRVA, Inc. entered into a definitive agreement to acquire the relocation assets of Cartus from Realogy Holdings Corp.; the deal excludes Cartus' Affinity and Broker Services businesses and was expected to close in the first half of 2020 pending approvals. The acquisition expands SIRVA's global relocation and moving capabilities, combining technology, broker networks and household goods capacity to enhance service and scale for corporate clients and relocating employees.

United Road, backed by The Carlyle Group, has acquired Team Drive-Away (and its affiliates Driveaway USA and Fr8 Management) from CID Capital. The add-on expands United Road's capabilities into heavy-haul Class 8 truck transport through TDA's non-asset-based, contractor-driven vehicle logistics platform.

Shopify Inc. has completed its acquisition of 6 River Systems, adding the company’s cloud-based fulfillment software and fleet of collaborative mobile robots to the Shopify Fulfillment Network. The 6 River Systems team of more than 130 employees will remain in Waltham, Massachusetts, and the company’s brand and operations will continue as Shopify expands its fulfillment capabilities.

An affiliate of Platinum Equity has acquired TruckPro Holding Corporation from Harvest Partners. TruckPro, headquartered in Memphis, Tennessee, is a leading distributor of heavy-duty truck and trailer parts with more than 150 locations across the United States and Canada; Platinum Equity said it will pursue organic growth and potential acquisitions to expand the business.

Lee Equity Partners acquired a majority ownership interest in The Living Company (operating under the University Furnishings brand), an asset-light FF&E logistics and installation provider headquartered in Dallas, Texas. TZP exited its investment while Platform Ventures retained an equity stake; financial terms were not disclosed. Lee Equity said it will work with management to accelerate growth into hospitality, workforce housing, senior living and other verticals through organic initiatives and acquisitions.

ICV Partners has made an investment in Horizon Air Freight, a New York–based specialized freight forwarder focused on marine logistics, spare parts consolidation and urgent shipments for shipping companies and cruise lines. ICV positions HAF as a platform investment and plans to support growth through strategic acquisitions and expansion of capabilities and geographic reach.

Palm Beach Capital (Fund III) made a minority growth investment in Consumer Products Distributors, LLC (d/b/a J. Polep Distribution Services) and Rachael's Food LLC, a long-standing full-line wholesale distributor to convenience and grocery stores. Financial terms were not disclosed; the investment is intended to support growth, product diversification and to help form a convenience-distribution platform for future consolidation.

Bomi Group has acquired 100% of the share capital of a group of five companies operating as Integrated Logistics Services (ILS) across Ecuador and Peru. The deal expands Bomi's presence in Latin America and strengthens its pharma and animal-health cold-chain, warehousing and distribution capabilities (ILS operates in Quito, Guayaquil, Cuenca and Lima and provides 45,000 sqm of warehousing, 1,500 m³ of cold rooms and a 120-truck fleet).

AIT Worldwide Logistics acquired Los Angeles–based freight forwarder Unitrans International Corporation in a deal that AIT called its largest to date. The acquisition adds specialized international logistics capabilities and strengthened trade-lane expertise in Asia and Europe; terms were not disclosed.

Equity Group Investments (EGI), the private investment firm of Sam Zell, invested in and led a capital raise for Lanter Delivery Systems, a provider of overnight unattended delivery services for OEMs and industrial distributors. EGI partners Mark Sotir and Evan Harwood will join Lanter’s board as the company looks to pursue new growth opportunities across its network of nearly 100 cross-dock facilities in the U.S.; terms were not disclosed.

Littlejohn & Co. has completed the $700 million acquisition of Kaman Corp.'s distribution unit, transferring roughly 2,200 employees across about 220 U.S. locations and Puerto Rico to Littlejohn's industrial portfolio. Kaman said the divestiture lets it refocus on its core aerospace and engineered products businesses while Littlejohn expands its industrial distribution holdings.

Thomas H. Lee Partners (THL) has entered a definitive agreement to acquire AutoStore in a recapitalization transaction, with AutoStore management and EQT retaining minority stakes. The deal will provide capital to accelerate AutoStore’s product innovation and global expansion in warehouse automation; terms were not disclosed and the transaction was expected to close in Q3 2019.

Carousel Capital has partnered with Armstrong Transport Group management to recapitalize the Charlotte-based freight brokerage, providing equity from Carousel Capital Partners V and senior debt from Barings. Armstrong, a technology-enabled, non-asset based logistics platform that facilitates nearly $500 million in annual transportation spend for over 4,000 customers, will use the investment to accelerate growth and expand its technology and service offerings.

Banner Solutions, a portfolio company of High Road Capital Partners, has acquired Berg Wholesale, a Tualatin, Oregon-based wholesale distributor of door, bath and security hardware. The add-on deal — Banner's fourth under High Road's ownership — expands Banner's geographic footprint (distribution centers in Anaheim and Orlando) and enhances its capabilities in the multi-family and residential markets; the transaction closed May 31, 2019 with financing provided by Monroe Capital.

Bain Capital Private Equity has completed the acquisition of Imperial Dade, a leading U.S. distributor of disposable foodservice and janitorial supplies, from Audax Private Equity. Imperial Dade's management (the Tillis family) and Audax will remain meaningful investors as Bain partners with management to accelerate the company's buy-and-build strategy and national expansion.

Hudson Hill Capital acquired majority stakes in Global Transport Logistics, Inc. (GTLi) and Am Trans Expedite, Inc. and combined them into a new holding company, Fusion Transport LLC, to create a national logistics platform focused on retail consolidation, LTL shipping and multimodal brokerage. The founders and senior executives of both companies retained meaningful equity and continue in leadership roles while Ally Financial provided acquisition financing.

Stirling Square Capital Partners has agreed to acquire Logent Holding (Logent), an independent contract logistics provider operating in Sweden and Norway, from Adelis Equity Partners. The deal (a majority / buyout transaction) will enable Stirling Square to partner with Logent's management to expand service breadth and reach new customer segments across e-commerce, automotive and industrial markets.

TowerBrook Capital Partners has made a strategic minority investment in KeHE Distributors, committing additional capital to support KeHE's growth initiatives while KeHE retains majority ESOP ownership. The partnership is intended to help KeHE expand its specialty, natural & organic and fresh food distribution network across the United States and Canada.

Fort Point Capital has completed a recapitalization of AMS Fulfillment Holdings, LLC (also operating as Advantage Media Services), a Valencia, California–based third-party logistics and e-commerce fulfillment provider. The founders retain a large minority stake and will remain in management while Fort Point provides capital and strategic support to accelerate growth.

Mangrove Equity Partners has made an investment in Shields Business Solutions, a Moorestown, New Jersey-based provider of ATM sales and maintenance and armored car cash-in-transit services. The partnership is intended to support Shields' growth initiatives by enhancing sales and marketing, expanding service offerings, and leveraging Mangrove's industry experience in bank products and services consolidation.

Platinum Equity completed the acquisition of Toronto-headquartered customs brokerage and trade services firm Livingston International on May 2, 2019. Livingston, a leading North American customs broker and freight forwarder with ~3,200 employees, will benefit from Platinum Equity's operational resources as it continues to provide customs brokerage, trade consulting and freight forwarding services.

Americold Realty Trust (NYSE: COLD) has closed its acquisition of privately-held Chiller Holdco, LLC ("Cloverleaf Cold Storage"), adding a 22-facility portfolio (21 owned, 1 managed) totaling 132 million refrigerated cubic feet. The acquisition increases Americold's portfolio to over one billion refrigerated cubic feet and expands its temperature-controlled warehousing footprint and capabilities.

Gridiron Capital has made an investment in Jacent Strategic Merchandising, a Huntington/ Huntingdon Valley, Pennsylvania-based provider of impulse merchandising, warehousing and DSD services to grocery, mass, drug and e-commerce retailers. The partnership will bring Gridiron's operational and financial resources to scale Jacent's national merchandising and fulfillment platform; debt financing was led by Twin Brook Capital Partners with MidCap Financial and Hamilton Lane, and Benesch advised Gridiron.

Center Rock Capital Partners has acquired The Merit Distribution Group, a national distributor of paint sundries and flooring products headquartered in Spartanburg, South Carolina, from Centre Lane Partners. Merit operates 10 distribution centers and 23 branch locations, distributing over 30,000 SKUs to more than 11,000 customers; Center Rock plans to grow the business organically and via acquisitions as a platform investment from its Fund I.

TowerBrook Capital Partners has acquired a minority interest in UK-based GBA Group, a provider of end-to-end vehicle logistics services, investing through its TowerBrook Structured Opportunities Fund. The Judah family will remain strategic partners and continue to lead the business alongside TowerBrook, which will support GBA's future growth leveraging its transatlantic network and automotive sector experience.

Fortna, a global distribution automation, engineering services and warehouse software provider based in Reading, Pennsylvania, has entered into a recapitalization agreement with funds affiliated with Thomas H. Lee Partners (THL). The investment will support Fortna's growth strategy, including potential M&A, capability expansion and continued geographic expansion; terms were not disclosed.

Continental Batteries, a platform backed by Incline Equity Partners, has acquired Battery Sales & Service (BSS), a Memphis-based aftermarket battery distributor. The acquisition adds eight branch locations to Continental’s network—expanding the platform to 42 branches across 15 states—as part of a strategy to consolidate the fragmented aftermarket battery industry and expand geographic coverage.

Affiliates of Harkness Capital Partners have made an investment in third-party logistics provider Kane Is Able to support the company’s growth and national expansion. The transaction closed on March 13, 2019; terms are confidential and Michael Gardner will remain President and CEO while the Kane family remains involved.

Funds managed by affiliates of Apollo Global Management have entered a definitive agreement to acquire a majority stake in Direct ChassisLink, Inc. from EQT Infrastructure, which will retain a 20% minority interest. Direct ChassisLink is a leading North American provider of marine and domestic container chassis and related asset-management and logistics technology (Blume Global); financial terms were not disclosed and the transaction was expected to close in Q2 2019.

NFI Industries has acquired SCR Air Services, an intermodal-focused, non-asset transportation brokerage headquartered in Seattle. The deal expands NFI's non-asset intermodal and refrigerated brokerage capabilities and increases its presence in the Pacific Northwest.

Post Capital Partners partnered with Smith Transportation's existing management team (Steve Smith, Bill Nichols, Jeff Maser and Christine Postlmayr) — with participation from Executive Partner Sam Woodward — to acquire Smith Transportation Services, a Sunrise, Florida-based third-party logistics and brokerage provider. Patriot Capital Group provided a unitranche debt facility and equity co-investment to support the buyout; Post Capital said the investment will fund technology investments, geographic expansion of its Load-to-Ride (LTR) offering and potential tuck-in acquisitions.

Atlas Holdings, with participation from Fulcrum Capital Partners, acquired Eagle Quest International, Ltd. (EQI), a Norton Shores, Michigan-based provider of outsourced procurement, distribution, inventory management and global logistics services. The transaction represents MSouth Equity Partners' successful exit and realization of its investment in EQI.

Platte River Equity has acquired a controlling interest in Sherrill, Inc., the Greensboro, North Carolina–based distributor and retailer of arborist tools and equipment. Platte River plans to partner with Sherrill's management to expand distribution and digital marketing capabilities; Generation Equity Capital is referenced as the prior partner.

Sterling Investment Partners, a middle-market private equity firm, announced an investment in Marcone Appliance Parts, a St. Louis-based distributor of OEM residential appliance repair parts. Sterling said it will partner with Marcone’s management to support continued growth, leveraging Marcone’s national distribution footprint and technology-driven operations.