Logistics & Distribution Acquisitions in 2023

Hub Group, Inc. acquired Forward Air Final Mile (FAFM), a subsidiary of Forward Air Corporation, for $262 million in cash. FAFM — a residential final-mile delivery and appliance installation provider with 46 company-operated facilities and $289 million of trailing-12-month revenue — will operate under the Hub Group Final Mile brand and expand Hub Group’s appliance delivery and installation capabilities.

Wagner Logistics, a North Kansas City-based third‑party logistics provider, has acquired Fulcrum Logistics, Inc., a Portland, Oregon regional warehousing specialist focused on food and beverage storage and handling. Fulcrum will operate as a division of Wagner, expanding Wagner's capabilities and customer relationships in the food and beverage sector.

GlacierPoint Enterprises, a portfolio company of Mill Point Capital, has acquired Cool River Beverages LLC, a specialty direct store delivery (DSD) distributor of Nestlé-branded beverages in the New York Metro area. The acquisition expands GlacierPoint's distribution capabilities into temperature-controlled beverages, diversifying its DSD platform and supporting growth across grocery, convenience and foodservice channels.

BradyIFS + Envoy Solutions, a merged distributor of janitorial/sanitation, foodservice disposables and industrial packaging, has acquired PFS Sales Company to expand its footprint in the Carolinas and the broader Southeast. Terms were not disclosed; the acquisition will strengthen BradyIFS + Envoy Solutions' foodservice disposables and JanSan presence and provide PFS with additional resources to grow.

AIT Worldwide Logistics has acquired Mach II Shipping Ltd (Mach 2 / Pharmafreight), a U.K.-based freight forwarder specializing in life-sciences and temperature-controlled logistics. The deal includes Mach 2's Netherlands subsidiary and its global Pharmafreight partner network, enhancing AIT's cold-chain and life-sciences capabilities across Europe; terms were not disclosed.

McMurray Stern Inc. acquired the assets of Invata Intralogistics and launched MSI Automate, a new warehouse automation, robotics, and logistics division. The asset sale (completed December 2023 via Article 9 UCC) brings Invata's goods-to-person systems and AI-powered intralogistics software into McMurray Stern's specialty storage and workspace business to expand its automation capabilities and serve large enterprise clients.

RealCold, a Florida-based cold storage provider, has acquired Denton, Texas–based Forte Frozen, adding five temperature-controlled warehousing and fulfillment facilities to its network. The transaction brings Forte's team into RealCold and expands the combined company's geographic coverage and direct-to-consumer fulfillment capabilities across key U.S. markets.

WILsquare Capital, a St. Louis-based private equity firm, has completed the acquisition of Automotive Color & Supply (ACS), a regional distributor of automotive and industrial paints and supplies headquartered in Fort Wayne, Indiana. Midwest Mezzanine provided subordinated debt and equity to support the transaction; the Byers family, which founded ACS in 1951, will transition ownership as WILsquare partners with existing management to pursue growth and geographic expansion across the Midwest.

Canada Cartage Corporation has entered into a definitive agreement to acquire The GTI Group, a Montreal-based logistics provider offering brokerage, freight management, forwarding, drayage, intermodal, warehousing and specialized heavy/oversize trucking. The deal expands Canada Cartage’s service capabilities and marks its first entry into the U.S. market, with GTI’s U.S. offices in Houston, Des Moines and Franklin, Tennessee; the combined company is expected to generate over C$1 billion in annual revenue.

TJC, L.P. (The Jordan Company) has entered into a definitive agreement to acquire Global Transport Solutions Topholding B.V. (GTS), an international maritime-focused logistics and forwarding provider operating under the Marinetrans and Best Global Logistics brands. The investment will provide GTS with resources to support geographic expansion, strengthen its network and capabilities, and accelerate growth across time-critical maritime supply chain markets.

Aptean, a global provider of industry-specific enterprise software, has acquired UK-based 3T Logistics & Technology Group to add cloud-native transportation management capabilities to its portfolio. The acquisition expands Aptean’s TMS offerings in Europe and complements its ERP and supply chain solutions for manufacturers and distributors across food & beverage, FMCG and industrial verticals.

MercuryGate International has acquired International Trade Systems (ITS), a SaaS provider of cross-border customs clearance and global trade management solutions, to integrate customs and trade compliance into its Smart Transportation TMS. The deal adds ITS's customers, technology and more than 40 subject-matter experts to MercuryGate's platform; financial terms were not disclosed.

Epicor has acquired Elite EXTRA, a cloud-based last mile delivery solutions provider, to add advanced routing, dispatch, delivery network and returns automation capabilities to its industry ERP portfolio. The acquisition—terms undisclosed—will integrate Elite EXTRA with Epicor Vision and other Epicor ERP platforms to strengthen last-mile logistics for customers in automotive aftermarket, distribution and retail/e‑commerce sectors.

Swedish supply-chain specialist Elanders AB has acquired all shares in UK contract logistics provider Kammac Ltd, a fast-growing North West England operator with a 15-warehouse network and annual sales above £90m. The purchase (initial valuation including earn-out just over £100m) will be paid partly at closing and partly as an earn-out in 2025; the deal expands Elanders' UK footprint and gives it additional bonded, temperature-controlled and pharmaceutical-handling capacity.

Estes Forwarding Worldwide (EFW), a subsidiary of Estes Express Lines, has completed the acquisition of Minneapolis-based Superior Brokerage Services (SBS). The deal expands EFW's international capabilities — including a presence in Asia and a control tower in Taiwan — and increases EFW's workforce, helping it double revenue and strengthen end-to-end supply chain services.

UPS has completed the acquisition of MNX Global Logistics, a U.S.-based time-critical logistics provider, from private equity firm Quad‑C Management. The deal expands UPS’s time-critical and healthcare logistics capabilities, adding MNX’s expertise in life sciences, medical device shipments and mission-critical parts delivery to UPS’s healthcare and global logistics offerings.

Palladium Equity Partners has acquired a majority stake in Source Logistics, a City of Industry, California-based 3PL provider serving Hispanic food & beverage and consumer goods brands. Palladium will invest alongside the company's founders, who will remain in leadership, and plans to support growth through organic investment and add-on M&A while leveraging Source Logistics’ 12 facilities and more than 2.3 million square feet across four states.

Customs Support Group, the Castik Capital-backed European customs services platform, has acquired iZD Group (iZD GmbH and iZS GmbH), a carrier‑independent customs clearance agent based in Bisingen, Southern Germany. The deal strengthens Customs Support's presence in Germany and adds iZD's customs brokerage, software solutions and training capabilities to its European network.

Flexport has acquired the technology stack of Convoy for an undisclosed sum and will onboard a small group of Convoy product and engineering employees. Flexport is not acquiring Convoy as a company or its liabilities; the deal is intended to restore access to Convoy's trucking network for Flexport customers and to expand Flexport's trucking capabilities.

Maven Capital Partners, Panoramic Growth Equity and Emerald Capital Management have backed a management buyout of Glasgow-based distribution and logistics specialist Bullet Express. The investment will support management's organic growth and a buy-and-build strategy as the business expands its warehousing, sorting and freight management capabilities.

Belgium-based Sitra Group has acquired Abbey Logistics Group, a UK specialist food tanker and logistics operator, from private equity owner NorthEdge. Abbey, which generates about £75m in revenue and employs close to 600 people, will expand Sitra’s UK footprint and food logistics capabilities.

DP World has acquired CFR Rinkens, a Long Beach–headquartered specialist in containerized finished-vehicle logistics and racking systems. The acquisition strengthens DP World's automotive logistics capabilities and expands its offering for electric-vehicle and energy storage/battery life-cycle logistics across its global network.

GXO Logistics (NYSE: GXO) completed the acquisition of PFSweb, a U.S.-based tech-enabled eCommerce order fulfillment provider, via a tender offer and second-step merger. The deal values PFSweb at approximately $181 million equity ($7.50 per share), expands GXO's capabilities in high-touch eCommerce fulfillment (including payments, fraud protection and customer care) and broadens its exposure to cosmetics, luxury and other premium verticals.

Funds managed by the Transportation Infrastructure strategy of Oaktree Capital Management acquired Consolidated Chassis Management (CCM) from the Ocean Carrier Equipment Management Association (OCEMA). The investment provides CCM with expanded capital to support the launch and operations of the South Atlantic Consolidated Chassis Pool (SACP 3.0), fleet upgrades and broader service expansion across major Southeast U.S. ports.

Loadsmart has acquired NavTrac, a computer-vision startup that provides AI/OCR-based yard, terminal and asset management solutions. The acquisition integrates NavTrac's camera-based inventory tracking and SmartGate compliance tools into Loadsmart's dock, yard and transportation platform to expand capabilities for warehouses, intermodal yards and asset-based carriers.

Imperial Dade has acquired The Janton Company and G&L Supply, two Ohio-based janitorial and sanitation distributors owned by the Logan family. The deal — Imperial Dade’s 74th acquisition — expands the company's distribution density and presence in Ohio; financial terms were not disclosed.

Radiant Logistics, Inc. acquired the operations of Daleray Corporation, a Fort Lauderdale-based freight forwarder that has operated under Radiant's Distribution By Air brand since 2014. The deal will transition the business to operate as Radiant Global Logistics (RGL-FLL), anchoring Radiant's cruise logistics offerings in South Florida while retaining key personnel.

The TECMA Group, through its subsidiary Tecma Customs Solutions, has purchased and merged NCH Customs Brokers, a customs brokerage serving clients along the U.S.–Mexico border. The acquisition brings NCH into Tecma's Customs Group to scale operations, improve technology and service for cross-border manufacturing clients; financial terms were not disclosed.

Capital A, an independent private equity firm, has acquired a majority stake in Caliber.global, a Netherlands-based tech-enabled fourth-party logistics (4PL) and supply chain management company. The investment is intended to accelerate Caliber.global's global footprint and growth, supporting both organic expansion and further M&A activity.

Imperial Dade has acquired Ralik, a Blainville, Quebec-based distributor of paper goods, packaging materials and janitorial supplies. The deal is an add-on to Imperial Dade's Canadian platform and represents the company's 72nd acquisition under current leadership; financial terms were not disclosed.

Bregal Sagemount has made a significant growth equity investment in Bradford Airport Logistics to support the company's domestic expansion, a new global-growth initiative, and further technology investments (including the AMIS NextGen system for CRDC operations). The capital will enable Bradford to expand its Design-Build-Finance-Operate-Manage capabilities for Centralized Receiving and Distribution Centers (CRDCs); Imperial Capital served as Bradford’s exclusive financial advisor and financing support was provided by MUFG, ING, and Barings.

SiteOne Landscape Supply, Inc. completed the acquisition of JMJ Organics, a wholesale distributor of landscape supplies and nursery products with five locations in the Houston, Texas market. The deal expands SiteOne's footprint in the Houston area and is SiteOne's tenth acquisition in 2023, intended to better serve landscape professionals with a broader local product offering.

Carrix has completed the acquisition of Ceres Terminals from Macquarie Infrastructure Partners III; financial terms were not disclosed. Carrix will integrate and rebrand Ceres' operations under its SSA Marine business to expand its terminal footprint and services across North America and other regions.

Spanish private equity firm ProA Capital has agreed to acquire roughly 70% of Avioparts, a distributor of aircraft components, lubricants and logistics solutions, in a deal that values the company at about €40 million. The transaction is structured as a share purchase plus a capital increase to support Avioparts’ organic and inorganic growth; founder David Fojon will remain CEO and a minority shareholder.

Staple Street Capital partnered with members of the Wilkins family and DVFG management to acquire Delaware Valley Floral Group, a leading fresh-cut floral wholesaler and cold-chain distributor headquartered in Sewell, New Jersey. The Wilkins family will retain a significant stake post-close as Staple Street seeks to scale the business and pursue further wholesale florist distribution investments.

TorQuest Partners has completed an investment in Brimich Logistics, a family-owned third-party logistics and supply chain management provider based in Brantford, Ontario. The Fergus family will remain significant shareholders as TorQuest partners with management to expand Brimich's capacity and capabilities in Southern Ontario.

ACERTUS, an automotive logistics-as-a-service platform, has acquired RCG Logistics, a Sacramento-based transportation and remarketing provider. The deal will expand ACERTUS' service offerings into salvage and repossession and enable coverage of additional VIN types including motorsports, RVs and other oversized vehicles as RCG is integrated under the ACERTUS brand.

Imperial Dade has acquired Supreme Paper Supplies, a Pensacola-based distributor of foodservice, packaging and janitorial products. The acquisition expands Imperial Dade’s presence in the greater Pensacola region and represents the company's 70th acquisition; financial terms were not disclosed. Supreme was founded by the Kelly family in 1985 and was most recently owned by the North River Group.

On 1 September 2023 Chiltern Capital LLP acquired Batt Cables PLC from long-time owner Peter Holm. Chiltern — a UK private equity investor focused on lower mid‑market buy-and-build opportunities — will keep the existing senior management team in place, appoint Jeremy Ling as Executive Chair and invest to support international growth amid rising electrification demand.

ModuGo, a Kinderhook Industries portfolio company, has acquired West Springfield, Massachusetts-based Kelcon, LLC, a regional provider of portable storage container leasing. The acquisition is ModuGo's second add-on since its February 2023 recapitalization with Kinderhook and establishes ModuGo's first Northeast branch to support regional growth.

Norwest Equity Partners has made an investment in Nationwide Organ Recovery Transport Alliance (NORA), a St. Charles, Illinois–based provider of specialized air, ground and courier transportation services for the organ and tissue transplant industry. Northborne Partners served as exclusive financial advisor to NORA; financial terms were not disclosed. NEP's investment is intended to support NORA's continued growth, capability expansion and service delivery to organ procurement organizations, transplant centers and perfusion technology providers.

Trident, a New York-based private equity firm, announced a strategic investment in Priority Courier Experts, a same-day and next-day B2B delivery provider headquartered in the Minneapolis–St. Paul area. Trident is partnering with operating partner Bluejay Capital and has installed Mark Cossack as CEO and Ted Burchell as President to support Priority's local market leadership and expand the business into new geographies.

An affiliate of H.I.G. Capital has signed a definitive agreement to acquire Ascent Global Logistics from affiliates controlled by Elliott Investment Management. Ascent's management team and Elliott will retain minority stakes; H.I.G. said it will support Ascent's growth by investing in technology, broadening capabilities, expanding global reach and enhancing its carrier network.

U.S. AutoForce, a division of U.S. Venture, has entered an agreement to acquire Pacific Tire Distributors, a family-owned wholesale tire distributor headquartered in Portland, Oregon. The deal, which is expected to close Sept. 11, 2023, expands U.S. AutoForce’s footprint in the Pacific Northwest by adding Pacific Tire’s four distribution centers to its network.

WillScot Mobile Mini Holdings Corp. has acquired A&M Cold Storage (Ohio) and Cold Box (California), expanding its temporary cold storage and refrigerated-container capabilities. The acquisitions add roughly 3,500 climate-controlled containers, walk-in freezers, and refrigerated trailers to WillScot’s fleet and strengthen its service offering for temperature-sensitive end markets.

Forward Air Corporation will combine with Omni Logistics in a cash-and-stock transaction that creates a scaled expedited LTL and multimodal logistics platform with approximately $3.7 billion of combined adjusted revenue for the 12 months ended June 30, 2023. Omni shareholders will receive $150 million in cash plus Forward common and preferred stock (resulting in Omni shareholders owning ~37.7% of the combined company on a fully-diluted basis); the deal is expected to generate up to $125 million of run-rate EBITDA synergies and close in H2 2023 subject to approvals.

Fairfield, Ohio-based AFC Industries (a Bertram Capital portfolio company) has acquired Muscatine, Iowa-based White Distribution & Supply (WDS) from Slate Capital Group. The add-on purchase expands AFC's distribution footprint and capabilities in MRO, fasteners, packaging and inventory/LEAN solutions; terms were not disclosed.

TFI International agreed to acquire JHT Holdings, an asset-light North American logistics and transportation provider that specializes in transporting Class 6-8 trucks from OEMs to dealers and end customers. JHT, based in Pleasant Prairie, Wisconsin, operates a 25-terminal network (8 owned), generates more than US$500 million in annual revenue, and is expected to close in the third quarter subject to customary adjustments.

Glass Lake Holdings has acquired Big Box Storage, a San Diego-based portable storage and delivery provider founded in 2003. SDR Ventures served as exclusive sell-side advisor and the founders, Brian and Rita Hurley, sold the company as Glass Lake looks to expand its presence in Southern California.

Imperial Dade, a leading distributor of foodservice packaging and janitorial supplies, has acquired Apache Group, a regional foodservice packaging distributor based in Arden Hills, Minnesota. Financial terms were not disclosed; Imperial Dade said the deal will expand its presence and capabilities across Minnesota, Wisconsin and the broader Midwest.