Transportation Acquisitions in 2019

Affiliates of Brookfield Infrastructure Partners and GIC have completed the acquisition of Genesee & Wyoming Inc. in an approximately $8.4 billion transaction (including debt), taking G&W private at $112 per share. G&W — a Darien, Connecticut‑headquartered owner/operator of short line and regional freight railroads with about 8,000 employees and operations across North America, Europe and Australia — will be integrated into Brookfield's global infrastructure platform.

TIP Trailer Services, a portfolio company of I Squared Capital, has completed the acquisition of Trailer Wizards, Canada's largest commercial trailer rental and leasing company. The deal will integrate Trailer Wizards with TIP's existing Canadian business, Train Trailer Rentals, expanding TIP's footprint across Canada and strengthening its trailer leasing, rental and maintenance capabilities.

Mid-market private equity firm LDC has acquired a significant minority stake in Leeds-based fleet management and corporate mobility provider Global Autocare to back the existing management team and accelerate the business's national growth plans. The deal keeps founder Geoff Bloore and the management team in place, brings former PE investor John Walker in as Non-Executive Chairman, and sees NatWest remain as incumbent senior lender.

Heniff Transportation Systems, a platform backed by Olympus Partners, has acquired Superior Bulk Logistics (SBL), which operates Superior Carriers, Inc. and Carry Transit, Inc. The combination creates a larger bulk liquid and dry bulk transportation provider aimed at expanding geographies, service lines and fleet investment to serve chemical manufacturers and food product companies.

Visible Supply Chain Management has acquired Kansas Continental Express (KCX), a nearly 30-year-old Emporia, Kansas-based shipping logistics and freight transportation provider. KCX will join the Visible family and operate under the parent company's name, expanding Visible's Midwest footprint and cross‑North America logistics capabilities to better serve small and midsize business customers.

Funds managed by Harvest Partners have completed the acquisition of Lazer Spot, Inc. from Greenbriar Equity Group. Lazer Spot, headquartered in Alpharetta, Georgia, is a national leader in outsourced yard management services (trailer spotting and shuttling) operating at 400+ sites across the United States and Canada; management will remain significant owners and Harvest will support organic growth and an accelerated acquisition strategy.

Transportation Insight has acquired Meridian Logistics LLC, which operates as FreightPros, a freight brokerage founded in 2009 and based in Austin, Texas. The deal strengthens Transportation Insight's LTL brokerage capabilities and FreightPros will initially operate within Transportation Insight Holdings before being integrated into the Nolan Transportation Group brokerage unit.

Midwest & Bluegrass Rail (MBR), a holding company focused on regional and short-line rail assets, has acquired Tomken Transportation from the Smith family. The purchase — driven in part by MBR's interest in the site's rail spur and real estate — involved environmental remediation and complex tax and financing structuring; MBR plans to grow the business and expand its network of freight and logistics holdings.

Pike Street Capital announced a growth investment in QuickBox, a Denver-based third-party logistics and fulfillment provider serving CPG, health & wellness, and e-commerce brands. The investment will provide capital and operational support to expand QuickBox's tech-enabled fulfillment platform and support continued growth.

FleetPride, Inc. has acquired the assets of Commercial Truck Services (CTS), which operates locations in Little Rock and Conway, Arkansas. The founding owners — Joel and Lana Foster and Darryl and Jaci Birdsong — will remain onboard to support integration while FleetPride expands parts and service capabilities in the Little Rock market.

Rock-it Cargo has made a significant incremental investment in Triple M Entertainment Logistics, strengthening their partnership and expanding Rock-it's continental logistics footprint. Triple M, based in Antwerp, will support Rock-it's live-event, sports and corporate logistics needs and provide geographic coverage in mainland Europe.

Konexial acquired the complete roster of ELD and fleet management customers from Axle Technologies (based in Jersey City, New Jersey) to expand its ELD customer base and convert AOBRD devices to telematics ahead of the FMCSA deadline. The deal will migrate Axle customers onto Konexial’s telematics-enabled My20 Tower platform and enable access to its GoLoad dynamic load-matching features.

Lynx FBO Network, a portfolio company of The Sterling Group, has acquired the assets of FTC FBO and will operate a second full-service FBO at Morristown Airport (MMU) near New York City. Stellus Capital Management provided unitranche financing and an equity co-investment to support the transaction as Lynx expands its national FBO network.

ASTI Mobile Robotics Group has completed a full acquisition of Germany-based InSystems Automation GmbH, integrating its proANT mobile-robot product line and team. The deal expands ASTI's AGV and mobile robotics portfolio, strengthens its presence in the DACH region and the United States, and increases the group workforce to over 300 employees.

Macquarie Infrastructure and Real Assets (MIRA), via Macquarie European Infrastructure Fund 6 (MEIF6), has acquired Farnborough Airport from a consortium of private investors. The transaction adds the UK’s only dedicated business aviation airport to MIRA’s airport and FBO portfolio as it looks to further develop Farnborough’s facilities and services for the business aviation market.

Transportation Insight, a Gryphon Investors-backed enterprise logistics provider, has acquired The Transportation Specialist's Group (TSG) to strengthen its enterprise logistics leadership and expand its service offering. The deal preserves TSG's Atlanta-area office and leadership engagement to ensure continuity while integrating TSG's technology-enabled transportation management capabilities into Transportation Insight's platform.

Infracapital, the infrastructure equity arm of M&G, has agreed to acquire GB Railfreight Limited from EQT Infrastructure II via its portfolio company Hector Rail Group. GB Railfreight, headquartered in London with around 900 employees and a fleet of over 180 locomotives and 1,500 wagons, is the third-largest rail freight operator in the UK; the transaction is expected to close mid-October 2019.

Descartes Systems Group acquired BestTransport.com, Inc., a Columbus, Ohio–based cloud transportation management system (TMS) provider focused on flatbed-intensive manufacturers and distributors. The acquisition (approximately US$11.2 million, net of working capital) expands Descartes' transportation management footprint and adds BestTransport's flatbed-focused TMS capabilities to Descartes' Global Logistics Network.

Foundation Investment Partners (FIP), a Cleveland-area private equity firm, recapitalized W.A. Jones, a truck equipment distributor and upfitter based in Whitley County, Indiana. The deal provides owner liquidity and growth capital to support systems, people and expansion; terms were not disclosed.

Area Wide Protective (AWP), a portfolio company of The Riverside Company, has acquired Northern Colorado Traffic Control, Inc. (NCTC) as an add-on to AWP's traffic management platform. The acquisition expands AWP's footprint into the Colorado market while keeping NCTC founder Trish Sandau actively involved.

3i Group plc has acquired Regional Rail, LLC from Levine Leichtman Capital Partners. Regional Rail, a Kennett Square, Pennsylvania-based operator of short-line railroads and rail-related services (including Diamondback Signal), will be supported by 3i to pursue further growth and network expansion across its end markets such as agriculture, lumber and energy.

A&R Logistics, a Wind Point Partners–backed dry bulk logistics operator, has acquired Blue Water Plastic Transport, a St. Clair, Michigan-based provider of specialty dry bulk transportation, logistics and warehousing for the plastics and chemical industries. The add-on expands A&R’s Midwest presence, increases its specialized tractor/trailer fleet and preserves BWP’s operations in St. Clair under A&R's ownership.

Chicago-based CC Industries, Inc. has acquired Southern Towing Company, LLC, an inland tank barge operator based in Memphis, Tennessee, from Trive Capital. The transaction represents a strategic consolidation/expansion of CC Industries' industrial/marine transportation capabilities and a successful exit for Trive Capital.

AVS Verkehrssicherung, a Triton Fund IV company, has agreed to acquire a majority share in Belgium-based Fero Group from the founding Haerens family. Fero is a leading provider of temporary traffic management, road marking and traffic signage with more than 300 employees across multiple locations in Flanders and Wallonia; the transaction strengthens AVS's European footprint in work-zone safety and is subject to regulatory approval.

RailUSA acquired a 430-mile rail line and related real estate from CSX Corporation, creating the Florida Gulf & Atlantic Railroad (FGA) which runs from Baldwin to Pensacola, Florida. The line carries about 30,000 annual carloads, has 65 employees and 18 locomotives; terms were not disclosed. RailUSA is backed by Equity Group Investments and International Rail Partners.

AEA Investors' Small Business Fund (AEA SBF) has completed the acquisition of American Expediting, a U.S.-based same-day ground courier and expedited logistics provider. The company, headquartered in Folcroft, Pennsylvania, serves time-critical shipments—particularly in the life sciences vertical—and operates more than 40 locations with over 300 employees and a network of independent contract drivers.

Michelin has agreed to acquire Masternaut, a leading European fleet telematics provider, to strengthen its Services & Solutions offering and accelerate product development in connected-vehicle technologies. Masternaut will operate as a fully owned subsidiary and continue under its own brand while Michelin supports its expansion across Europe.

GTI Transport Solutions Inc., a portfolio company of Novacap, has acquired Jetco, a Houston-based trucking and intermodal carrier. The acquisition—advised by Cleary Gull on behalf of Jetco—expands GTI's U.S. footprint, deepens its geographic reach in Texas and establishes a North–South corridor with GTI's Canadian operations; Jetco's CEO Brian Fielkow will remain in place.

Seaport Capital completed a strategic growth investment in All Traffic Data (ATD), providing capital to support the company's expansion while founders Eric and Dawn Boivin remain in management and are investing alongside Seaport. The investment will fund growth initiatives including geographic expansion and the rollout of ATD's technology-enabled traffic data collection, reporting, consulting and transportation asset management services across new geographies and verticals.

TFI International’s U.S. last-mile division, TForce Final Mile, acquired certain assets of BeavEx Incorporated and affiliates including Guardian Medical Logistics, JNJW Enterprises, Inc. and USXP, LLC in an approved bankruptcy sale. The asset purchase (US$7.2 million cash plus assumption of certain working capital liabilities) transfers select operations — seven of BeavEx’s 69 locations — and brings approximately US$100 million of annual revenue into TFI’s Logistics and Last Mile segment to expand its final-mile and expedited capabilities.

Chevron Traffic Management Ltd (a Triton Fund IV company) has acquired Traffic Management Services Ltd (TMS). The acquisition brings TMS's low-speed and events traffic management capabilities and three depots in the Midlands and North East into Chevron TM's national platform to support growth and strengthen market position.

ICONIQ Capital has made a majority investment in Truckstop.com, becoming the company’s majority shareholder while founder Scott Moscrip and the existing management team retain significant ownership. The investment will be used to deepen Truckstop.com's product portfolio, accelerate strategic initiatives and market penetration, and support organic growth and acquisitions; DC Advisory advised Truckstop.com and Goodwin Procter advised ICONIQ.

TFI International, a publicly traded North American transportation and logistics company, acquired Aulick Leasing Corp. and ShirAul, LLC from the Aulick family. The deal adds Aulick’s contract-hauling fleet and ShirAul’s BulletTM trailer manufacturing capabilities, expanding TFI’s asset base and presence across the Central and Western United States.

Los Angeles-based St. Cloud Capital announced a growth capital investment in San Francisco-based AutoReturn, LLC, a towing management systems provider that supports municipalities and tow operators with technology and 24x365 services. The capital, from St. Cloud's third fund, is intended to help AutoReturn accelerate growth and expand its operational capabilities without diluting the founding management team.

Auxo Investment Partners has acquired a majority stake in Muskegon-based Andrie LLC, a Jones Act bulk transporter operating tugs and barges across the Great Lakes. The investment makes Andrie part of Auxo's newly created Auxo Marine platform alongside M/G Transport Services; financial terms were not disclosed and the Andrie family retains a significant minority stake while Stan Andrie Jr. remains CEO.

TFI International Inc. has acquired Toronto Tank Lines (TTL), a Hamilton, Ontario–based specialist in transporting and storing food-grade liquids, industrial chemicals, specialty oils and waxes. TTL will operate as a standalone business unit within TFI, adding tank storage, transloading and specialized liquid-freight capabilities to TFI’s North American tanker network.

Phillips Connect Technologies (PCT) has acquired Connected Holdings, an IoT telematics and intelligent services provider headquartered in Newport Beach, California. The acquisition integrates Connected Holdings' device design, cloud analytics and "Intelligence as a Service" platform into PCT's TrailerNet™, ChassisNet™ and ContainerNet™ product family to accelerate capabilities and market rollout for trailer telematics and fleet intelligence.

LongueVue Capital made a growth capital investment in Select Express & Logistics, a New York–headquartered provider of last-mile, white-glove delivery and assembly services. LVC partnered with Select Express's existing management team (which remains a significant shareholder) to support the company’s continued national expansion and capability build-out across retail, e-commerce and other end markets.

Lynx FBO Network, a portfolio company of The Sterling Group, acquired the FBO assets of World Jet, Inc. at Fort Lauderdale Executive Airport (FXE) in Fort Lauderdale, Florida. Lynx — backed by The Sterling Group — plans significant investments including facility refreshes and development of a new FBO terminal as part of its South Florida expansion.

MOL Chemical Tankers Pte. Ltd., a wholly-owned subsidiary of Mitsui O.S.K. Lines, Ltd., has acquired Nordic Tankers A/S from funds advised by Triton. The transaction transfers the leading chemical tanker operator based in Copenhagen to a long‑term industrial owner to support further development and consolidation in the chemical tanker market.

The Silverfern Group, in partnership with Upper Bay Infrastructure Partners, has acquired Tidewater Transportation & Terminals, a multi-commodity transportation, terminal and marine services company headquartered in Vancouver, Washington. The investment positions the buyers to pursue development projects and potential add-on acquisitions across Tidewater’s operations on the Columbia and Snake River system.

Auto Driveaway, backed by investors including Evanston Partners, has acquired the assets of J&J Drive-Away, Inc. and J&J Freight Brokers, LLC to expand into the heavy-truck (Class 7 and Class 8) transportation market. The deal brings J&J’s heavy-truck transport and boutique freight-brokerage capabilities into Auto Driveaway’s network (drivers operating in 49 states and parts of Canada for 500+ customers); J&J co-founder Crystal O'Dwyer and VP Kelly Rolfe remain with the business as part-owners.

Boston-based private equity firm Nonantum Capital Partners completed a recapitalization of RoadOne IntermodaLogistics, partnering with founders Ken Kellaway and David McLaughlin to provide growth capital. The investment will support RoadOne's continued expansion and acquisition strategy for its coast-to-coast intermodal drayage, terminal operations, and transloading network.

Funds advised by Triton have completed the acquisition of Dantaxi 4x48, the largest nationwide taxi aggregator in Denmark with more than 1,600 taxis and substantial revenues. Terms were not disclosed; Triton said the investment aligns with its focus on building and developing medium-sized European businesses in industrial and services sectors.

Cubic Corporation acquired GRIDSMART Technologies, Inc. for approximately $87 million in cash to strengthen its Intelligent Traffic Management portfolio. GRIDSMART, based in Knoxville, Tennessee, provides single-camera video detection and analytics and was expected to contribute about $35 million in revenue and $8 million of adjusted EBITDA for full-year 2019.