Transportation Acquisitions in 2022

The Staverton Group LLC, an owner-operator vehicle founded by Scott Sorenson and headquartered in Salt Lake City, Utah, has acquired CITTA Brokerage Company, a customs brokerage and duty-drawback specialist based in Ogden, Utah. The transaction was announced by Woodbridge International, which represented the seller; financial terms and the selling shareholders were not disclosed.

Horizon Air Freight announced the acquisition of Transmarine Navigation Corporation, completed in Q4 2022, to expand its port agency and in-port logistics capabilities across North and South America. The deal combines Horizon’s global warehousing and last-mile delivery network with Transmarine’s port call agency presence at 12 ports, enhancing services for ship owners, operators, and charters.

Bluestem Equity Ltd. completed the acquisition of Lafayette, Louisiana-based United Vision Logistics (UVL), a land transportation and logistics provider offering heavy haul, long haul, and expedited services across the United States and Canada. UVL — which operates out of Lafayette and Houston and maintains a network of over 100 facilities and a large fleet of owner-operators and partnered carriers — will continue operating under its existing leadership as Bluestem partners to grow the business.

EQT Infrastructure is combining its portfolio ferry companies Molslinjen and Torghatten to launch Nordic Ferry Infrastructure (NFI), a pan‑Nordic ferry platform headquartered in Oslo. The combined group will operate more than 65 routes with over 100 vessels and transport roughly 16 million passengers annually, while EQT continues to invest in fleet decarbonization and electrification; the launch follows a recent add‑on acquisition of ForSea to expand the platform's footprint.

SMBC Aviation Capital completed the acquisition of Dublin-based aircraft lessor Goshawk Management Ltd., creating the second-largest global aircraft lessor by number of aircraft and the largest Japanese-owned lessor. The combined business operates a portfolio of over 700 owned and managed aircraft (with additional new-technology narrowbody orders) and is positioned to benefit from a sector recovery through enhanced scale and funding advantages.

Cox Transportation Services has acquired Outwest Express, a Texas-based truckload carrier specializing in Mexican cross-border logistics, adding more than 400 tractors and 1,200 trailers to Cox's network. The deal was completed alongside a majority recapitalization of Cox led by Expedition Capital Partners and Prudential Private Capital to support continued platform growth.

Armstrong Relocation & Companies has acquired MacDonald Moving Services, a Boston-based United Van Lines agency, to expand Armstrong's service capacity in the New England market. The acquisition follows owner Bruce MacDonald’s decision to retire and will rebrand the business as Armstrong Relocation Company, Massachusetts, LLC, with Mark McEwen named president for the region.

South Florida-based private equity firm Alterna Equity Partners completed a control acquisition of the Bulk Express family of companies — including Bulk Express Transport, Soil Tech Distributors, M3 Transport and Inter City Disposal. The Miami-headquartered business is a leading long-haul waste hauling and transfer-station services provider in Florida; AEP plans to partner with management to expand the company's market position and advance operational and environmental initiatives.

Trimble has agreed to acquire Transporeon, a cloud-based transportation management and freight marketplace platform, from private equity firm Hg for an enterprise value of €1.88 billion. The deal expands Trimble’s transportation and logistics capabilities by adding Transporeon’s SaaS platform, network of shippers and carriers, and data/visibility offerings; the transaction was expected to close in the first half of 2023, subject to regulatory approvals.

Quantix, a Wind Point Partners portfolio company, has acquired Mid-States Packaging, a full‑service dry bulk transportation, warehousing and export services company with eleven locations across Texas, the Northeast and the Mid‑Atlantic. The add‑on bolsters Quantix’s geographic footprint and strengthens its warehousing and trucking transportation operations serving chemical producers and distributors.

Lincolnshire Management, a New York-based private equity firm, has acquired Whitewater Brands, an omnichannel marketer and supplier of consumables and light equipment to automotive collision shops, mechanical repair shops, and dealerships. The sellers were Rock Gate Partners and Peninsula Capital Partners; financial terms were not disclosed. Lincolnshire intends to grow the business organically and via M&A, leveraging Whitewater's multi-brand catalog, e-commerce channels, and distribution footprint.

The Stephens Group, a private investment firm, has completed a strategic acquisition of Fort Wayne-based Princeton TMX to accelerate the growth and product development of its cloud-based transportation management system for industrial shippers. Princeton TMX will leverage The Stephens Group’s capital and operational support to expand capabilities and scale commercial efforts serving customers across agriculture, packaging, steel, lumber, aggregates, food & beverage and chemicals.

Customs Support Group, a Castik Capital–backed digital customs broker, has acquired Porath Customs Agents GmbH to strengthen its presence in Germany and Poland. The deal expands Customs Support’s European footprint and adds Porath’s experienced, digitally-focused customs clearance and consulting capabilities to its platform.

Epika Fleet Services, a nationwide network of mobile and in-shop fleet maintenance providers based in Nashville, acquired Managed Mobile of Placentia, California. The acquisition expands Epika’s on-site repair and preventative maintenance footprint across Southern California and the Las Vegas market and adds Managed Mobile’s service capabilities to Epika’s network.

Helbiz, Inc. (NASDAQ: HLBZ) has completed its previously announced merger with Wheels Labs, Inc., adding Wheels' micro‑mobility assets and leadership to expand Helbiz’s presence across 67 markets and potentially double annual revenue. Wheels CEO Marco McCottry will lead Helbiz’s North America mobility business as the combined company works to integrate apps, advance product development and accelerate the path to profitability.

Heniff Transportation Systems, a portfolio company of Olympus Partners, has acquired Coal City Cob Company, Inc., a liquid bulk transportation provider headquartered in Waxahachie, Texas. The transaction — sold by Cotton Creek Capital — expands Heniff's liquid bulk capabilities and geographic footprint, adding over 230 drivers, 500 trailers and multiple terminals including a 27-acre rail-to-truck facility.

Ascend LLC acquired Fuchs Trucking LLC, a Sauk City, Wisconsin-based dry van regional truckload carrier, to deepen Ascend's footprint in the upper Midwest and expand network capacity. Fuchs' president Jay Doescher and a partner will retain an investment in the business to help maintain continuity as the company is integrated into Ascend's asset-based and brokerage network.

Forward Air Corporation has entered into an agreement to acquire the assets of Chickasaw Container Services, a privately held intermodal drayage provider with terminals in Mobile, Alabama and Memphis, Tennessee. The cash-funded transaction is expected to close in November 2022 and will expand Forward's intermodal drayage footprint in the Mobile market while strengthening its presence in Memphis.

Alpenglow Rail Services Corp. and Connor, Clark & Lunn Infrastructure have acquired Alberta Midland Railway Terminal Ltd. (AMRT), a 300-acre dual-served rail terminal in Lamont County, Alberta serving the Edmonton Industrial Heartland. The acquisition expands Alpenglow/CC&L's rail terminal portfolio in North America and will add transloading, railcar cleaning and repair services to AMRT's offering.

Fonds de solidarité FTQ has taken a minority equity stake in Corporation Andy Amérique du nord inc., a Montreal-based transportation, maintenance and fleet-management services provider. The investment will support Andy Corp.'s acquisition-driven growth plan; the company has grown from about 60 employees in 2012 to more than 400 across four business units by 2022.

Port Jersey Logistics, a family-owned full-service 3PL based in Cranbury, New Jersey, has acquired TruckItNow Transportation of Wilsonville, Oregon. The deal expands Port Jersey/Continental Logistics' nationwide footprint and adds temperature-controlled (reefer/frozen) transportation, LTL pool capability, and related coordination/administration staff.

Marcone, a Genstar Capital portfolio company and leading North American distributor of appliance, HVAC and plumbing parts, has acquired Great Plains/Pool & Spa Products, a family-owned regional pool and spa equipment and parts distributor with operations in Kansas City and Houston. The acquisition represents Marcone's entry into the pool and spa distribution market and will be used to grow Marcone's national distribution footprint and pursue additional M&A in the space.

Bain Capital and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), together with the Merchants Fleet leadership team, completed the acquisition of Merchants Automotive Group (d/b/a Merchants Fleet and Merchants Auto). The management team will remain in place as co-investors; the transaction provides capital to accelerate Merchants' growth, technology initiatives and fleet electrification efforts and was supported by a $3 billion financing program arranged by Ares and others.

Dubai-listed Aramex PJSC has completed an all-cash acquisition of Access USA Shipping, LLC (MyUS) for approximately $265 million. MyUS will be integrated into Aramex's courier business to strengthen cross-border e-commerce capabilities, increase shipment volumes and expand geographic coverage.

KAG Logistics, LLC completed the acquisition of Toronto-based Connectrans Logistics Inc., expanding KAG's footprint into the Canadian logistics market and strengthening its cross-border freight capabilities. Connectrans provides cross-border transportation services (dry van, temperature control, flatbed, over-dimensional and intermodal) enabling KAG to offer enhanced capabilities to Canadian and U.S. customers.

GPS Insight, an Accel-KKR portfolio company, acquired Certified Tracking Solutions (Titan GPS) from middle‑market PE firm HKW to expand its fleet management and telematics capabilities and extend its reach into Canada. The deal adds ELD-certified solutions, specialty tracking, Bluetooth asset tracking, and field operations tools to GPS Insight's suite of SaaS fleet and field service management products.

Funds advised by Searchlight Capital Partners acquired a minority ownership stake in Synergy Marine Group, a Singapore-headquartered global ship manager. The investment will support Synergy's digitalization, capability expansion and continued growth across its ship management, crew management and marine services operations.

Walmart has signed a definitive agreement to acquire Alert Innovation, the Boston-area developer of the Alphabot automated e-grocery fulfillment system. The acquisition brings Alert Innovation’s development, manufacturing and deployment capabilities in-house to accelerate Walmart's market fulfillment center automation and omnichannel grocery fulfillment.

KKR (through KKR Global Infrastructure Investors IV) signed a definitive agreement to acquire a majority interest in Boasso Global, a provider of depot, maintenance, cleaning, and ISO tank transportation services, from funds advised by Apax Partners LLP. Boasso, headquartered in Tampa, Florida, operates a network of 34 depots across North America and Western Europe; financial terms were not disclosed and the transaction is subject to customary regulatory approvals.

Imperial Dade has acquired Boudreault Packaging Ltd, a Gatineau-based distributor of janitorial, sanitation and foodservice packaging products. Financial terms were not disclosed; Imperial Dade said the deal expands its Canadian presence and will preserve Boudreault's customer-focused culture and team.

UK-based boat rental marketplace Borrow A Boat has acquired US peer-to-peer charter platform KellyBoat to accelerate its expansion in the United States. The deal will add KellyBoat's local expertise and inventory in New England and Florida markets to Borrow A Boat's global platform as the company opens an in-person US office to serve its fastest-growing market.

Patriot Rail Company LLC entered into a definitive agreement to acquire Delta Southern Railroad, Inc., a short line railroad operating two line segments in Louisiana serving two Mississippi River ports. The acquisition (terms undisclosed) expands Patriot Rail’s short line network and strengthens its presence and freight options in a chemical and forest-products corridor in Louisiana; the deal remains subject to customary closing conditions and regulatory authorization.

Modern Aviation has closed the acquisition of the fixed-base operator (FBO) assets and operations at Des Moines International Airport from Elliott Aviation, expanding Modern's national network to thirteen locations. The Des Moines FBO operates on a 17-acre leasehold with substantial hangar and office space; Elliott will retain and continue to operate its MRO business on the airfield. Modern Aviation is backed by Tiger Infrastructure Partners.

Interprise Partners (the predecessor to FVLCRUM) led a minority recapitalization of Parking Management Company, LLC (PMC), a Nashville-based parking services provider operating in over 90 U.S. cities. The recapitalization preserves management governance, expands the partnership with FVLCRUM, and positions PMC to add capabilities and enter new markets.

Livonia, Avon & Lakeville Railroad Corporation (LA&L) acquired control of Ontario Midland Railroad Corp. (OMID) by purchasing 55% of its stock on September 16, 2022, subject to Surface Transportation Board authorization. The purchase adds roughly 52 miles of track in Wayne and Monroe counties, New York, expanding LA&L's short-line network and integrating OMID's customer base and transload capabilities; terms were not disclosed and the sellers were previous owners Sandra and Paul Saracen.

Premium Parking has acquired Buffalo-based Allpro Parking LLC, integrating Allpro’s operational footprint into Premium’s full‑stack parking technology and management platform. The deal adds 130 Allpro locations across three states, expands Premium’s Midwest and Northeast presence, and supports broader deployment of Premium’s camera‑based payments, cloud permits and subscription parking solutions.

Patriot Rail Company LLC has completed the acquisition of Denver-based Pioneer Lines, Inc., a holding company operating 15 short line railroads, from BRX Transportation Holdings. The deal (completed following regulatory approval) expands Patriot Rail's short line operations from 16 to 31 railroads and extends its service footprint across 23 U.S. states; Patriot Rail is majority-backed by Igneo Infrastructure Partners.

Chicago-based private equity firm Granite Creek Capital Partners has made an investment in Odyssey Aviation U.S., a fixed-base operator (FBO) headquartered in Bonita Springs, Florida. The transaction supports a broader recapitalization in which Equivu Capital (the investment arm of CEO Salvatore Calvino) becomes the majority shareholder; proceeds will fund growth, strengthen operations, and support geographic expansion of Odyssey's FBO network.

Cambridge Capital has made a majority investment in Boa Logistics and Flow Cold Storage to accelerate the growth of Boa’s refrigerated LTL consolidation and cold‑storage platform. The founders will remain active and retain significant ownership while Cambridge Capital partners join the board; the investment will fund technology, automation, geographic expansion and potential acquisitions to scale the cold‑chain network.

Accenture has acquired MacGregor Partners, a Raleigh-based supply chain consultancy and technology provider, to expand its Intelligent Platform Services capabilities in warehouse and logistics transformation. The deal brings MacGregor’s team of more than 100 employees and expertise in WMS/TMS implementations, robotics integration, and analytics (including Blue Yonder-based solutions) into Accenture’s platform; terms were not disclosed.

Ryder System, Inc. has acquired San Francisco-based logistics technology start-up Baton, integrating Baton's team and proprietary transportation-optimization platform into Ryder. The acquisition (closed August 31) follows an earlier investment by RyderVentures and brings Baton's founders and core engineering team into Ryder to accelerate customer-facing supply chain and transportation technology development.

RailWorks Corp., a Bernhard Capital Partners-backed specialty rail contractor, has acquired H&H Engineering Construction, a rail maintenance and construction contractor operating in the Western United States. The acquisition expands RailWorks' West Coast presence and capabilities, and allows H&H to leverage RailWorks' flash butt welding resources and broader maintenance-of-way platform.

Hub Group (Nasdaq: HUBG) acquired TAGG Logistics, a nationwide e-commerce, B2B and omnichannel fulfillment and transportation services provider, for $103 million in cash. The acquisition adds TAGG's ~4 million square feet of warehouse capacity, ~800 employees and expected $200 million of 2022 revenue to Hub Group’s logistics offering, expanding its consolidation and fulfillment footprint and e-commerce capabilities.

Maritime Partners, through its managed funds, has agreed to acquire M/G Transport Holdings LLC from Auxo Investment Partners and its affiliates. M/G, a longtime provider of inland barge transportation on the Lower Mississippi River and West Canal to Houston, will continue to operate under its brand with existing management; terms were not disclosed.

SEKO Logistics has acquired Pixior, LLC, a Commerce, California-based 3PL and e-commerce fulfillment provider with locations on the U.S. West Coast and in Connecticut. The deal brings high-touch fulfillment, drayage and additional warehouse capacity to SEKO, significantly expanding its West Coast footprint and ecommerce capabilities; financial terms were not disclosed.

Mill Point Capital has acquired URT United Road Towing, Inc. (operating as Vehicle Management Solutions or VMS) in a control-oriented buyout to support the company's next phase of growth. Mill Point will leverage its Executive Partner model and industry expertise to expand VMS's vehicle management, towing, impound and remarketing services for public- and private-sector clients across the U.S.

Cox Automotive, through its Cox Automotive Mobility Fleet Services group, has acquired Trudell, the parent company of Trudell Trailers and Northeast Great Dane, adding trailer sales, direct parts distribution and heavy-duty trailer service capabilities to its fleet services portfolio. The deal brings Trudell's mobile on-site maintenance, shop repairs and parts sales (supported by more than 115 technicians across 13 locations) into Cox Automotive's nationwide fleet services network to expand capabilities and adjacency offerings.

Alberta Investment Management Corporation (AIMCo) has agreed to acquire 100% of Cando Rail & Terminals Ltd. from TorQuest Partners and Cando employee shareholders. Cando, headquartered in Brandon, Manitoba, operates a network of 40+ industrial railyards, nine owned terminals and one short-line railroad with 900+ employees and 100+ locomotives; the transaction is subject to customary regulatory approvals and financial terms were not disclosed.

HCI Equity Partners announced the sale of SouthernAg Carriers, a Georgia-headquartered transportation and logistics provider focused on agricultural and food-product hauling, on July 8, 2022. The buyer was not disclosed in the announcement; HCI served as the selling party and Republic Partners and Vedder Price advised SouthernAg on the transaction.

Rekor Systems, Inc. (NASDAQ: REKR) has completed the acquisition of Southern Traffic Services (STS), combining STS’s 30+ years of traffic data collection and traffic engineering expertise with Rekor’s AI- and machine learning-driven roadway intelligence. The deal expands Rekor’s capabilities to deliver integrated traffic management, urban mobility, and public safety solutions, and STS co-founder Mark Knowles becomes a company shareholder.