Transportation Acquisitions in North Carolina

Petroleum Transport Co. Inc. has acquired the fuels transportation business Pope Transport from E.J. Pope & Son. Pope Transport operates a fleet of nearly 50 tractors and 90 trailers as a common carrier serving Virginia, North Carolina, South Carolina and Georgia; Matrix Capital Markets Group advised on the sale, which marks the Pope family’s full exit from the fuels industry.

Amerit Fleet Solutions, a New Mountain Capital–backed fleet maintenance and management provider, has acquired Vector Fleet Management, a Charlotte-based specialist in fleet maintenance and parts management serving government and heavy industrial fleets. The deal expands Amerit's service offerings and strengthens its capabilities for government, emergency response, and heavy industrial fleet programs while keeping Vector's brand and leadership in place.

Ryder System, Inc. has acquired Cardinal Logistics from H.I.G. Capital, integrating Cardinal’s dedicated contract carriage, freight brokerage and last-mile capabilities to strengthen Ryder’s dedicated transportation and supply chain services. Cardinal, founded in 1997 and headquartered in Concord, North Carolina, operates ~200 locations with a fleet of 2,900 power units and more than 3,400 drivers; Ryder expects synergies and accretion following integration.

BWT Logistics, a Bluejay Capital portfolio company, has acquired International Express Trucking (IET), a regional 3PL in North Carolina. The add-on expands BWT’s contract logistics and warehousing footprint in the state; IET’s president Howard Shope will join BWT as Senior Vice President of Operations and retain a meaningful ownership stake. Bluejay Capital financed the transaction with participation from Argosy Private Equity, Southfield Mezzanine, Spring Capital Partners and KeyBank; terms were not disclosed.

Econolite (part of Umovity) has acquired the operational business of its distribution partner RAI Products (Charlotte, NC) to expand its One-Stop-Shop intelligent transportation systems (ITS) portfolio and strengthen distribution and vendor relationships in the U.S. Southeast. RAI, a family-owned distributor founded in 1954, will integrate into Econolite's distribution network to support municipalities, state DOTs, and contractors with traffic signal hardware, ITS software, and related services.

Givens Transportation, a family-owned logistics provider based in Chesapeake, Virginia, acquired Highways & Skyways of NC, a Greensboro-based full-service logistics management company. The transaction closed on August 1, 2023, with Generational Equity advising the seller; the acquisition expands Givens' regional footprint and warehousing/transportation capabilities along the I-85/I-40 corridor.

Massachusetts-based Piece by Piece Movers has acquired Raleigh, North Carolina-based Movin' On Movers. The transaction, facilitated by Benchmark International, expands Piece by Piece's operations into the North Carolina market and transfers ownership from Movin' On Movers' CEO Danny Wilson.

Cox Automotive has acquired FleetNet America from ArcBest, combining Cox Automotive Mobility Fleet Operations with FleetNet’s emergency mobile services, mobile truck repair, towing and preventative maintenance capabilities. The deal expands Cox’s fleet-service footprint and service-provider network across North America, bringing together proprietary technology, data insights and a nationwide service network to maximize fleet uptime.

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.

Raleigh-based private equity firm SharpVue Capital agreed to acquire the remaining Mitchell family operations and related real estate assets from Bald Head Island Limited, including the Bald Head Island ferry, tram, barge, parking operations and marinas, in a deal valued at $67.7 million. The ferry and tram transfer requires approval from the North Carolina Utilities Commission; SharpVue plans to retain existing staff and pursue operational and technological upgrades while maintaining current service levels and regulated fares.

Fort Worth-based American Track, a portfolio company of Hilltop Private Capital, has acquired Dirtworks Rail of the Carolinas (HGNS Inc), a Lexington, North Carolina-based rail construction and maintenance contractor. The asset purchase expands American Track's footprint and capabilities in the Southeastern United States as part of its ongoing build-out through add-on acquisitions.

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.

The Jordan Company has acquired 100% of Transportation Impact, LLC, with certain members of TI management co-investing. The transaction transfers ownership from the company's founders to TJC and TI management; TJC will support TI's growth via capital and logistics-sector expertise while TI's leadership remains in place.