Transportation Acquisitions in 2021

Argo Infrastructure Partners made a long-term investment in LAZ Parking, enabling Infinedi Partners to fully exit its $115 million investment in the company. LAZ Parking, headquartered in Hartford, Connecticut, is a large U.S. parking operator and parking-technology provider operating thousands of locations across dozens of states.

XLerate Group, backed by Brightstar Capital Partners, has completed the acquisition of America's Auto Auction (AAA) and affiliated financier Auction Credit Enterprises (ACE) from Trinity Hunt Partners and its co-investors. The deal, closed December 30, 2021 for undisclosed terms, combines physical and digital remarketing capabilities and financing services to create a larger nationwide vehicle remarketing platform operating across roughly 39 auction sites in 19 states.

Kamps, Inc. has acquired Gorgo Group, a Vineland, New Jersey-based provider of pallet, packaging and logistics solutions, expanding Kamps’ asset-based footprint in the North‑East. Gorgo operates three locations (two in Southern New Jersey and one in Harrisburg, PA), employs over 200 people, and will remain staffed with existing employees and owners post‑transaction.

Bluejay Capital Partners has completed the acquisition of Pacific West, LLC, a Salt Lake City–based niche rail and industrial services firm. The transaction was financed with unitranche debt and an equity co-investment from Southfield Mezzanine; terms were not disclosed and Pacific West COO Dustin Hall retains a meaningful ownership stake. Bluejay intends to expand Pacific West's service offerings and geographic reach across the western United States.

Chicago-based private investment firm KCM Capital Partners led the acquisition of Elkridge, Maryland-headquartered ICAT Logistics, with equity and subordinated debt support from Lightspring Capital Partners and Midwest Mezzanine Funds and senior debt provided by Live Oak Bank. ICAT's founder and management remain invested and will continue to run the business; the deal positions ICAT for accelerated growth through expansion of its agency network and strategic acquisitions.

SIB Fixed Cost Reduction has made a strategic add-on investment in Shipware, acquiring the transportation spend management and invoice-audit provider to expand SIB’s shipping and logistics cost-reduction capabilities. The transaction was announced by O2 Investment Partners (SIB’s sponsor) and supported by financial partners including Tree Line Capital Partners, Stellus Capital Management, Capital Southwest, and LBC Small Cap.

AEA Investors has acquired Redwood Logistics from CI Capital Partners. Redwood, a Chicago-headquartered third-party logistics provider with a proprietary Logistics Platform as a Service (LPaaS) and more than 800 employees, will partner with AEA to fund additional add-on acquisitions and accelerate organic growth; financial terms were not disclosed.

Canadian Pacific Railway Limited (CP) completed the acquisition of Kansas City Southern (KCS) in a transaction with an enterprise value of approximately USD $31 billion. KCS stockholders will receive 2.884 CP common shares and $90 in cash per KCS common share (and $37.50 for each preferred share); KCS shares were placed into a voting trust pending U.S. Surface Transportation Board approval to create Canadian Pacific Kansas City (CPKC), a single-line railroad linking the United States, Mexico and Canada.

Bregal Sagemount has made a significant new equity investment in Transflo alongside existing investor True Wind Capital, with Carousel Capital remaining a significant minority investor. The growth investment will support Transflo’s product innovation, payments and automation capabilities, and enable pursuit of strategic acquisitions to expand its position in the transportation technology market; financial terms were not disclosed.

An affiliate of American Pacific Group (APG) has acquired Interwest Distribution Company, a Denver-based regional distributor of 3M-branded automotive and building films. Interwest will be combined with APG portfolio company Fellers, Inc. as a platform consolidation to expand distribution capabilities across automotive and architectural end markets.

Quantix SCS, a portfolio company of Wind Point Partners, has acquired Delaware Express Co., a family-owned regional provider of dry and liquid bulk trucking headquartered in Elkton, Maryland. The add-on expands Quantix's specialized fleet and strengthens its Mid‑Atlantic footprint and dry/liquid bulk capabilities; terms were not disclosed.

Grab Holdings Limited completed a business combination with Altimeter Growth Corp (AGC) and will begin trading on the Nasdaq following the transaction. The deal raised gross proceeds of approximately US$4.5 billion, including a US$4.0 billion PIPE led by funds managed by Altimeter Capital, to fund expansion of Grab's superapp ecosystem across ride-hailing, deliveries and digital financial services.

SDS Rx, a last-mile healthcare logistics platform backed by HCI Equity Partners, acquired Mission Critical Delivery Solutions, a non-asset-based logistics management company based in Bangor, Maine. Patriot Capital provided subordinated debt and an equity co-investment to support the add-on acquisition, which expands SDS Rx’s geographic coverage and route density in the long-term care pharmacy market.

Maritime Partners, through its managed funds, acquired a diversified portfolio of over 1,000 marine vessels operating on bareboat charter from J. Russell Flowers, Inc. The deal grows Maritime Partners' fleet to roughly 1,600 vessels (estimated fair market value ~$1.2bn), making it the largest lessor of marine equipment in the United States.

Werner Enterprises acquired NEHDS Logistics, LLC, a Monroe, Connecticut-based final mile carrier, for $64 million (including a $4 million earnout). The acquisition expands Werner's final mile and big-and-bulky delivery capabilities across the Northeast and Midwest, integrating NEHDS's fleet, facilities and management into Werner's nationwide network.

Transportation Insight Holding Company (TI HoldCo), a Gryphon Investors-backed logistics platform, has acquired SwanLeap, a Madison-based transportation management software (TMS) provider. The deal integrates SwanLeap's multimodal TMS and analytics into TI HoldCo's brokerage, managed transportation and parcel solutions to create a single, multimodal execution and visibility platform.

Funds managed by Searchlight Capital Partners have agreed to make a strategic investment in a new holding company, Celestyal Holdings, supporting Celestyal Cruises' global growth, brand amplification and fleet renewal. The Louis Group remains a shareholder in the new holding company and Celestyal will continue to operate from its offices in Piraeus under the current management team.

AddSecure, a Stockholm-based provider of secure IoT connectivity and majority-owned by funds managed by Castik Capital, has acquired Swiss telematics and fleet management provider LOSTnFOUND (fleet.tech). The deal expands AddSecure's footprint into Switzerland and Austria, strengthens its transport and logistics offering in the DACH region, and adds complementary telematics, tracking and sales/marketing capabilities to the group.

GrubMarket has completed the acquisition of Oakland, California-based Oakport Transportation, a trucking and logistics provider offering refrigerated storage, cross-docking, and LTL/load delivery across the West Coast and select U.S. routes. The deal brings Oakport's facilities and networks into GrubMarket's eCommerce and WholesaleWare SaaS ecosystem to strengthen logistics capabilities and mitigate pandemic-driven supply chain disruptions.

QuickBox Fulfillment, a Pike Street Capital portfolio company, has acquired Swan Packaging Fulfillment, a Wayne, New Jersey-based provider of fulfillment, packaging and Amazon support services. Pike Street Capital provided additional capital to support the transaction and Swan owner Tim Werkley will join the combined executive team. The acquisition expands QuickBox's east‑coast footprint, increases shipping locations and value‑added services, and aims to accelerate growth through expanded technology and staffing.

Storyteller Overland, a Birmingham, Alabama-based Class B RV manufacturer, has acquired GoCamp, a Portland-based peer-to-peer camper van rental service. The acquisition will enable GoCamp to expand nationally and give Storyteller a factory-endorsed rental channel for its MODE vans while preserving GoCamp's personalized rental model and leadership.

Grand Rapids-based energy distributor Crystal Flash, Inc. acquired J-M Transports, Inc., a family-owned fuels and propane transport provider headquartered in Newark, Illinois. The deal — Crystal Flash’s first acquisition outside Michigan — establishes a new Midwest Transportation Office and brings J-M’s drivers, dispatchers and management into Crystal Flash’s employee-owned organization.

Vauban Infrastructure Partners (via a company held by a fund it manages) agreed to acquire Boreal Holding AS and its subsidiaries from Everbright Overseas Infrastructure Investment Fund LP (EOIIF), a fund sponsored by China Everbright Limited. Boreal, a Stavanger-headquartered multi-modal public transport operator active in bus, ferry and light-rail contracts across Norway (and expanded into Sweden), will keep its management team; financial terms were not disclosed and closing was expected in Q4 2021 or Q1 2022.

Island Global Yachting (IGY) has acquired a controlling interest in Fairport Yacht Support, a yacht management company founded by Graeme Lord in 2011. The combination expands IGY's suite of owner services and launches IGY TRIDENT, a membership program that integrates yacht management, dockage, fuel, crew services and other premium offerings for superyacht owners.

FlixMobility has acquired Greyhound Lines, Inc. from FirstGroup plc via Neptune Holding Inc., a corporation wholly owned by FlixMobility, for an enterprise value of approximately $46 million plus $32 million of unconditional deferred consideration. The deal combines FlixBus' global technology and shared-mobility expertise with Greyhound's nationwide U.S. intercity bus network to expand FlixMobility's footprint and service offering across the United States.

Hub Group (Nasdaq: HUBG) acquired Choptank Transport, a non-asset refrigerated third-party logistics provider based in Preston, Maryland, for $130 million in cash. The deal expands Hub Group's refrigerated and brokerage capabilities, adds Choptank's technology platform and ~400 employees, and advances Hub's cold-chain strategy to better serve customers across food and retail supply chains.

Alinda Capital Partners acquired Big Truck Rental (BTR), a Tampa-based provider of rental refuse trucks, from the company's founders and Trivest Partners, with participation from existing and new management investors. BTR, founded in 2002, operates a large fleet (approximately 600 trucks) serving over 350 public and private waste service customers across the United States and Canada; William Blair served as financial advisor to the sellers.

TransForce Group, majority owned by an affiliate of Palladium Equity Partners, acquired United States Truck Driving School (USTDS) in Denver and Colorado Springs, Colorado, with the sale finalized October 18, 2021. USTDS will retain its name and become part of The CDL School (a TransForce Group company), expanding TransForce's CDL training footprint and veteran placement programs as an add-on under Palladium's ownership.

Armstrong Relocation & Companies has acquired Denver-based Amazing Moves Moving & Storage. Amazing Moves will continue to operate under its own brand and partner with Armstrong's Denver operation as Armstrong expands its national footprint.

Dickinson Fleet Services, a Cox Automotive brand, has acquired Mobile Fleetcare, a San Francisco Bay Area provider of mobile fleet maintenance. The acquisition is an add-on to expand Dickinson's geographic presence and mobile maintenance capabilities across Northern California.

ChargePoint Holdings, Inc. completed acquisitions of has·to·be (the provider of the be.ENERGISED cloud e‑mobility platform) and ViriCiti (an eBus and commercial fleet telematics provider) to strengthen its European presence and expand fleet electrification capabilities. The deals add complementary software, telematics and engineering talent and accelerate ChargePoint’s commercial and fleet offerings across Europe and North America.

The Cohesive Companies, the digital integrator business unit of Bentley Systems, has acquired OXplus, a rail asset management specialist headquartered in Veghel, Netherlands. The deal expands The Cohesive Companies’ enterprise asset management and rail capabilities across Europe and strengthens its transportation infrastructure offerings and digital twin/EAM services.

Brightstar Capital Partners acquired a majority stake in XLerate Group from Huron Capital, with XLerate's senior management and Huron Capital retaining minority equity. XLerate, based in Carmel, Indiana, operates fixed-site, mobile and digital used-vehicle auctions across a multi-state footprint and will pursue further growth and technology investment under Brightstar's ownership.

r2p Group, a Flensburg-based provider of passenger information and transport technology, has acquired T.G. Baker Americas Inc. (TGBA), a Vaughan, Ontario–based specialist in transit passenger information systems. The acquisition gives r2p a direct foothold in North America, strengthens local sourcing capabilities (e.g., Buy America/Canadian Content), and will deepen TGBA’s role in NetSpire product development and regional customer support.

Online car retailer Cazoo has acquired SMH Fleet Solutions from private equity investor LDC in a deal valuing SMH at approximately £70 million. The acquisition expands Cazoo's vehicle reconditioning and storage capacity in the UK and adds SMH's vehicle preparation, logistics teams and digital wholesale platform to Cazoo's operations.

FleetPride, Inc. has acquired the assets of Truck Service Company, Inc., a Chattanooga-based heavy-duty truck repair and service center. The acquisition adds a service location that will complement FleetPride's nearby parts branch and expand its parts-and-service offering for fleets and drivers in southern Tennessee and northern Georgia.

The XLerate Group has acquired Greater Shreveport-Bossier Auto Auction (GSBAA), adding the Shreveport, Louisiana-based dealer auction to its portfolio as part of its ongoing roll-up strategy. GSBAA will continue to be operated locally by Matt Chiasson as general manager while XLerate integrates the facility into its network to expand footprint and service offerings across the region.

Canada Cartage has acquired Rapid Delivery, a London, Ontario-based carrier with terminals in London and Windsor that provides truckload, expedited and dedicated transportation into Ontario and the U.S. Great Lakes states. Canada Cartage has retained virtually all former Rapid staff and drivers; Rapid owner Rob Ward is retiring but will remain in a consultative role to support the transition.

Cambridge Capital has made a majority investment in Everest Transportation Systems, a fast-growing freight brokerage headquartered in Evanston, Illinois. Everest's founders remain in leadership and retain significant ownership while Cambridge Capital partners to scale the business (including board seats for Benjamin Gordon and Matt Smalley), accelerate hiring and pursue tuck-in acquisitions; terms were not disclosed.

Quarterhill Inc. completed the acquisition of 100% of Electronic Transaction Consultants, LLC (ETC), a Richardson, Texas-based intelligent transportation systems (ITS) and tolling provider, for C$150.0 million funded with C$75.0 million cash and C$75.0 million of syndicated debt. The deal gives Quarterhill a leading position in the U.S. tolling market, and Quarterhill expects ETC to generate C$95–120 million of annualized revenue (post-synergies) and C$12.5–15.0 million of Adjusted EBITDA within 12–18 months.

Iowa-based Carver Aero has acquired two Aurora, Illinois aviation businesses: LumanAir Aviation Services and ATS Illinois. The acquisitions bring aircraft maintenance, engine/turbine servicing, flight training and FBO/charter capabilities under Carver Aero as it expands operations at Aurora Municipal Airport.

Odyssey Investment Partners has acquired Painters Supply & Equipment Co. (PSE), a specialty distributor of paint, coatings and related consumables serving automotive refinish, commercial and industrial markets. The deal will support PSE's continued geographic and category expansion and consolidation strategy while the existing leadership team remains in place; financial terms were not disclosed.

Creative Bus Sales, the nation's largest bus dealership based in Chino, California, acquired Alliance Bus Group, a multi-state bus dealership headquartered in Atlanta, Georgia. The acquisition expands Creative's sales and service network to 21 locations and strengthens its support footprint for transit, school, and retail bus customers across the U.S.

FleetPride, Inc. acquired the assets of National Truck Repair in Longview, Texas. The deal expands FleetPride's service footprint in East Texas and retains Justin Head as service manager while integrating the location with support from FleetPride's nearby Kilgore branch.

SEACOR Holdings Inc. completed the acquisition of U.S. Shipping Corp (USSC) on August 13, 2021. The deal expands SEACOR's SEABULK operations and makes SEABULK one of the largest Jones Act tanker operators by adding USSC's six U.S.-flagged vessels and supporting coastwise chemical and petroleum transportation capabilities.

Funds advised by Searchlight Capital Partners have entered into exclusive negotiations to acquire Flowbird from sellers Astorg and Mellby Gård. The deal would make Searchlight the new majority shareholder as it supports Flowbird's shift toward a tech-enabled software and payments platform and pursues further M&A to accelerate growth.

A.P. Moller - Maersk acquired Visible Supply Chain Management (closed Aug 2, 2021) and announced the proposed acquisition of B2C Europe Holding B.V. to expand its e‑commerce logistics capabilities. The deals add B2C fulfilment and parcel delivery expertise in North America and Europe, strengthening Maersk's end‑to‑end e‑commerce logistics offering.

ServiceMaster Brands, a Roark-backed multi-brand residential and commercial services platform, has completed its acquisition of TWO MEN AND A TRUCK/International, Inc., the franchised moving and relocation company headquartered in Lansing, Michigan. The acquisition adds a high-growth franchise moving brand to ServiceMaster's portfolio and keeps TWO MEN AND A TRUCK's leadership and home office in Lansing while creating cross-brand capabilities and charitable commitments.

An affiliate of Carlyle Aviation Partners completed the acquisition of Fly Leasing Limited for $17.05 per share, taking the company private. The transaction values Fly Leasing at approximately $520 million (with an enterprise value of roughly $2.36 billion) and adds 84 aircraft (on lease to 37 airlines) to Carlyle Aviation's managed portfolio.

GB & Partners Investment Management, together with portfolio company Asura Technologies, acquired a majority stake in Parking Revenue Recovery Services (PRRS). The investment pairs PRRS's 20 years of parking enforcement and collections expertise with Asura's AI-based video analytics and license-plate-recognition technology to accelerate ARC/ARC360 installations and expand PRRS's North American footprint.