Transportation Acquisitions in 2020

Brightstar Capital Partners acquired a majority stake in Amerit Fleet Solutions, a Walnut Creek, California-based nationwide provider of outsourced fleet maintenance and mobile repair services. Stellus Capital Management provided unitranche financing to support the transaction; Amerit’s co-founders (Dan Williams and Amein Punjani) remain partnered with Brightstar to grow the business and expand its national capabilities.

Command Alkon, a supplier collaboration platform for heavy construction, has acquired Ruckit, Inc., a trucking management and digital ticketing software provider based in Austin, Texas. The acquisition integrates Ruckit's e-ticketing, invoice reconciliation and third‑party hauler management capabilities into Command Alkon's CONNEX platform to improve visibility and efficiency across construction materials transportation and logistics.

EQT Infrastructure V, through its offer vehicle HATI BidCo AS, launched a voluntary cash offer to acquire all outstanding shares in Torghatten ASA (excluding the airline segment). The offer is NOK 175 in cash per share plus a planned distribution of Flyco (Widerøe) shares valued at NOK 17 per Torghatten share (total implied value NOK 192 per share); Torghatten’s board has unanimously recommended acceptance and the transaction values Torghatten equity at approximately NOK 8,580 million.

Calera Capital completed a majority recapitalization of FitzMark, LLC, partnering with founder and CEO Scott Fitzgerald to support the company's growth. FitzMark, a Indianapolis-headquartered third-party logistics firm serving truckload, flatbed, refrigerated and LTL markets, will leverage the partnership to pursue organic growth and targeted acquisitions; terms were not disclosed.

Elemica has acquired ProcessWeaver, a multi-carrier parcel TMS provider, and will integrate its parcel shipment execution and carrier-compliance features into Elemica’s Digital Supply Chain Network and Eyefreight TMS. The acquisition gives Elemica clients access to ProcessWeaver’s carrier network and ERP integrations, expanding Elemica’s transportation management capabilities to cover parcel, LTL and multi-modal shipments.

Crest Rock Partners, a Denver-based private equity firm, made a majority investment in Lumin8 Transportation Technologies, a platform formed from W.L. Contractors, Carlson Construction Services and Wilburn Engineering. Lumin8 is headquartered in Arvada, Colorado, employs over 250 people, and provides traffic and intelligent transportation systems (ITS) services and technology to government entities and national contractors; Lumin8 management invested alongside Crest Rock and SDR Ventures served as sell-side advisor.

Cathcart Rail (with involvement from Guardian Rail and infrastructure investor Star America/Tikehau Star Infra) acquired Appalachian Railcar Services (ARS) from GenNx360 Capital Partners. The transaction brings ARS's network of railcar repair, cleaning, coating, mobile repair and storage facilities into the Cathcart/Guardian platform to expand capabilities and geographic footprint across the Midwest, Southeast and Mid-Atlantic.

Lynx FBO Network, a portfolio company of The Sterling Group, acquired the FBO assets of Northstar Aviation at Theodore Francis Green State Airport (PVD) in Providence, Rhode Island. The deal is an add-on that expands Lynx's Northeast / East Coast footprint, marking the company's ninth FBO location and continues Sterling-backed network consolidation in general aviation services.

EQT Infrastructure has entered into a definitive agreement to acquire Molslinjen A/S, Denmark's largest passenger ferry operator, from a group of shareholders led by Polaris. EQT intends to support Molslinjen's decarbonization and electrification agenda, invest in fleet and service improvements, and pursue further organic and inorganic growth; the deal was expected to close in early 2021.

AMPORTS has acquired 100% of Horizon Terminal Services, a marine terminal operator with facilities in Jacksonville and Port Everglades, Florida, and Freeport, Texas, from Höegh Autoliners B.V. The acquisition expands AMPORTS' U.S. terminal network and capabilities in automotive vehicle processing, warehousing and marine cargo handling to strengthen its footprint and service offering.

Ascent Global Logistics acquired Alaska-based Hageland Aviation Services, LLC and launched Rambler Air, a new Anchorage-based air service focused on commuter flights and passenger and cargo charters. Rambler Air is expected to begin service in early 2021 with an initial fleet of eight Piper Chieftain Navajos and two Beechcraft 1900Ds and plans to create up to 45 aviation jobs in Alaska.

Investcorp led a Series E investment in Xpressbees, an India-based end-to-end e-commerce logistics and 3PL provider. The funding will be used to automate hubs and sort centres, increase technology investment, and expand Xpressbees' delivery footprint across India.

Volaris Group has acquired Eureka Technology, a French provider of the Dispatch Real Time Suite ERP for transport, courier and just-in-time delivery operators. Eureka — founded in 2002 and operating two offices in France with 34 employees — will retain its name and autonomy while gaining Volaris's financial and operational support to expand within the asset management and logistics vertical.

PCS Software acquired UltraShipTMS to extend its transportation management capabilities into shipper private fleets and create a combined shipper-carrier TMS platform. The deal expands PCS’s SaaS offering for shippers across food, packaging, manufacturing and retail end markets and will integrate UltraShipTMS's optimization and private-fleet capabilities into PCS’s platform.

The Home Depot agreed to acquire HD Supply Holdings, Inc. in a cash tender offer valuing the business at approximately $8 billion, with the deal expected to close in late 2020. The acquisition expands The Home Depot's capabilities and distribution footprint in the maintenance, repair and operations (MRO) market—particularly in multifamily and hospitality end markets—and is expected to be accretive to earnings.

Expedition Capital Partners and Tecum Capital led a majority recapitalization of Cox Transportation Services, with subordinated debt and a minority equity investment from Ironwood Capital to back CEO Jay Smith. Cox, a truckload freight carrier and brokerage founded in 1982 and based in Ashland, Virginia, will use the capital to pursue organic growth and add-on acquisitions to expand its routes and customer base.

Davey Coach Sales, a Progress Equity Partners-backed shuttle bus dealer, has acquired the California division of Nations Bus Sales (based in greater Los Angeles). The deal brings several Nations Bus California employees to Davey Coach, expands Davey Coach's geographic footprint into California, and adds lease/fleet capabilities to serve western U.S. customers.

Dickinson Fleet Services, backed by majority shareholder Ridgemont Equity Partners, has acquired Interstate Truck Center of Kansas City, Missouri. The deal creates a combined mobile maintenance platform (700+ mobile repair units) that expands Dickinson's national mobile and emergency fleet maintenance capabilities and positions the business for further growth.

Hudson Hill Capital acquired a majority stake in InXpress Holdings Ltd, a Manchester-based software-enabled franchisor of parcel, freight and delivery logistics services, in partnership with InXpress senior management. The investment will support InXpress's global growth and expansion of its freight solutions while leveraging its Webship+ SaaS platform and network of nearly 400 franchisees.

AEA Investors' Small Business Fund has closed the acquisition of Montway, Inc., a fast-growing US vehicle transport broker. Montway operates a technology-enabled platform serving both B2C and B2B customers, providing load matching, instant quoting and real-time tracking; AEA plans to support growth and further penetrate the B2B market.

AddSecure, through its Smart Transport UK business Connexas, has acquired RTL Telematics to strengthen its Fleet and Transport Management capabilities in the UK and across Europe. The deal brings RTL's specialist telematics, hazardous-goods solutions and advanced vehicle camera technology into AddSecure's Smart Transport offering to be rolled out to its wider customer base.

Three Sixty Seven Advisors represented Global Jetcare, Inc., a provider of fixed‑wing air ambulance transport services, in its sale to Osprey Capital, LLC in November 2020. The founders, Bart and Christina Gray, sold the business to the private family office, which will support the company’s continued growth and operations.

Jaguar Transport Holdings acquired Marion Industrial Center, a rail-centric logistics services company headquartered in Marion, Ohio, on October 30, 2020. The acquisition adds 1.55 million square feet of distribution facilities, extensive rail infrastructure and transloading/3PL capabilities to Jaguar's portfolio and will be rebranded Marion Industrial Rail Park to emphasize rail-focused operations and development.

Envase Technologies, backed by The Firmament Group, acquired Tailwind Transportation Software to add freight brokerage and over-the-road trucking functionality to its intermodal TMS platform. The acquisition also strengthens Envase's presence in the Canadian market and brings Tailwind's ~500 customers and product suite onto the Envase platform.

PINC, a digital yard and transportation management software provider backed by Accel-KKR, has acquired RailcarRx, a rail-industry software and services provider. The add-on expands PINC’s rail fleet, maintenance/repair and asset-management capabilities to deepen its end-to-end supply chain execution and transportation management offerings.

Wellspring Capital Management partnered with Cadence Petroleum Group's management to acquire Cadence, a distributor of lubricants, fuels and related products across the eastern and central United States. Tenex Capital Management exited its ownership of Cadence; Wellspring said the investment will be used to accelerate growth through add-on acquisitions and organic initiatives. Financial terms were not disclosed.

Command Alkon, a Thoma Bravo portfolio company, has acquired Trimble's Construction Logistics business (including the TrimFleet product line) to expand its telematics, fleet and workforce management offerings for the heavy construction sector. The deal, a purchase of a Trimble business unit, was announced in October 2020 and completed later that year; financial terms were not disclosed.

ConData has combined with TNL Global and the combined company will operate as ConData, expanding ConData's freight audit services with TNL's parcel audit and data analytics capabilities. The deal broadens ConData's transportation spend optimization offering to include enhanced parcel analytics, audit recoveries, and contract optimization for shippers globally.

Envase Technologies, a Firmament-backed provider of cloud-based transportation management software, acquired SecurSpace, a gate management and parking/storage marketplace for the intermodal supply chain. The acquisition integrates SecurSpace’s marketplace and Gate Management System into Envase’s TMS platform to expand capabilities for drayage carriers and yard operators across the United States.

Transflo, a Tampa-based provider of mobile, telematics, and back-office automation for the transportation industry, has acquired Microdea, a Canadian document management and workflow automation software provider. The acquisition expands Transflo's presence in the Canadian market and adds Microdea's Synergize document-management capabilities to Transflo's end-to-end supply-chain technology suite; financial terms were not disclosed.

Pamlico Capital has completed a growth investment in ISAAC Instruments, a provider of driver-centric fleet management and telematics solutions. The company's co-founders will retain significant ownership and continue to run the business while Pamlico will support product innovation and geographic expansion; Vaquero Capital advised ISAAC on the transaction.

Barnhart Crane & Rigging has acquired Days Machinery Movers of Elkhart, Indiana in a strategic acquisition sourced by Calder Capital. The deal expands Barnhart’s heavy-transport and rigging footprint in the U.S. Midwest and brings a long-established regional machinery-moving operator into Barnhart’s national network.

SpotHero has signed an agreement to acquire Rover Parking, a Toronto-based consumer parking app, accelerating SpotHero’s expansion into Canada and adding thousands of parking locations and Rover’s team to its commercial supply business. The deal is expected to close in Q4 2020 and will see Rover CEO Tim Wootton become SpotHero’s Head of Canada.

Enterprise Holdings’ Canadian subsidiary has closed its acquisition of Discount Car and Truck Rentals, including Discount’s corporate-owned locations and the Quebec licensee’s daily rental businesses. The deal expands Enterprise’s Canadian footprint and truck-rental capabilities by combining complementary networks, adding locations and an expanded fleet to better serve leisure, commercial and insurance-replacement customers across Canada.

USPack, a NewSpring Holdings portfolio company, acquired Gumro & Associates and Freight Rite to expand its omni-channel final-mile retail capabilities and national footprint. The purchases add pool distribution/store replenishment and white-glove/in-home installation services to USPack's technology-enabled delivery network, enhancing service offerings for retail and e-commerce customers.

Magaya Corporation acquired ACELYNK, a provider of customs compliance and Automated Broker Interface (ABI) software, to integrate ACE-certified customs filing and compliance functionality into the Magaya supply chain platform. The deal expands Magaya’s logistics and supply-chain automation capabilities and provides customers with a unified, cloud-based ABI solution for ACE filings and customs house brokerage management.

Wind Point Partners' portfolio company A&R Logistics has acquired L.T. Harnett (LTH), a provider of bulk liquid transportation and logistics services to the chemical industry. The acquisition expands A&R's liquid chemical capabilities and geographic coverage in the Midwest and Ohio Valley, brings LTH's leadership into A&R, and makes the Harnett family a major independent investor in the combined business.

Laurel Oak Capital Partners acquired RRTC Holdings, Inc., the temperature‑controlled division of Roadrunner Transportation Systems, including Roadrunner Temperature Controlled, LLC and A&A Express, LLC. Laurel Oak said the purchase is a key platform investment into the cold‑chain logistics and warehousing sector; Wells Fargo provided financing and McGuireWoods LLP served as legal counsel to Laurel Oak.

Align Capital Partners, a growth-oriented private equity firm, has acquired Electronic Transaction Consultants (ETC), a Richardson, Texas-based provider of tolling and intelligent transportation systems. The partnership will support ETC’s expansion into adjacent mobility markets and accelerate development and commercialization of its riteSuite mobility products and managed services.

TFI International acquired Keith Hall & Sons Transport, a Burford, Ontario-based family-owned trucking company that specializes in food-grade liquid and dry goods transport. The acquisition expands TFI’s specialized truckload and food-grade transportation capabilities and is expected to generate synergies across its North American truckload operations.

AddSecure, the Castik Capital-backed European provider of secure data and critical communications, has acquired Navkonzept GmbH, a German aftermarket telematics supplier of fleet management solutions. The deal strengthens AddSecure Smart Transport's presence in Germany, adds ~20,000 billable connections and increases the Smart Transport division's revenues as AddSecure integrates Navkonzept into its Smart Transport business.

Uber Technologies, Inc. has acquired Routematch, a transit-software provider serving more than 500 transit agencies worldwide. The acquisition combines Uber’s on-demand mobility technology with Routematch’s paratransit, payments, fixed-route tools, and trip-planning capabilities to improve accessibility and expand Uber’s public-transit product offerings.

Sageview Capital closed a $60 million minority growth investment in Intelligent Imaging Systems Inc. (IIS) and its wholly owned subsidiary Drivewyze to accelerate scaling of their connected-truck platform and SaaS revenue. Two Sageview partners will join the IIS board as the company pursues expanded commercialization of its weigh-station bypass, safety notifications and smart-roadside infrastructure offerings.

Adelis Equity Partners has acquired slightly more than 50% of Axentia Technologies, becoming the company's majority owner while founders and management retain a significant stake. The investment will support Axentia's product development and international expansion of its low-power connected display systems and related software for the public transportation and rescue markets.

FlashParking, a parking mobility technology company based in Austin, Texas, acquired the Parking Division of Control Systems Incorporated (CSI), a Connecticut-based parking systems provider. The purchase expands FlashParking's customer base in the U.S. Northeast (approximately 1,600 CSI customers) and transfers most of CSI's team to FlashParking while CSI retains a maintenance business for legacy equipment.

Affiliates of Dallas-based private equity manager Paceline Equity Partners have acquired R.E.L.A.M., Inc. along with affiliated businesses Acme Construction Co., Inc. and Timiny RR Construction, Inc. The assets will be combined with Paceline's existing platform 1435 Rail, creating a larger rail maintenance-of-way equipment lessor and services business with a diversified fleet and expanded service offerings.

Toronto-based Strategic Mapping has acquired moovel North America, a Portland-based provider of mobile ticketing and multimodal transit solutions. The deal combines Strategic Mapping's ITS, CAD-AVL and systems-integration capabilities with moovel's mobile ticketing platforms to offer a broader product portfolio for public transit agencies.

Superpedestrian acquired substantially all of the assets of Zagster, a nationwide micromobility fleet operations and management company. Concurrently, Edison Partners led a $15 million growth investment in Superpedestrian (joined by Spark Capital and General Catalyst) to support expansion of Superpedestrian's LINK shared micromobility platform.

Transplace has acquired ScanData Systems, an Austin-based provider of enterprise parcel transportation management solutions, integrating ScanData's parcel TMS into Transplace's transportation management and logistics platform. The acquisition expands Transplace's parcel and eCommerce capabilities, enabling customers to optimize carrier selection, labeling, tracking and invoice reconciliation across high-volume parcel shippers.

South Korea’s private equity firm Hahn & Co. and Hana Financial Group have agreed to buy a 100% stake in H-Line Shipping for 1.8 trillion won (~$1.45bn). The deal is structured as a leveraged buyout via a project fund (about 45% financed with debt) and is intended to move the shipping company’s ownership to long-term investors while supporting consolidation and growth in Hahn & Co.’s shipping platform.