Transportation Acquisitions in Virginia

Fundamental Advisors launched a helicopter investment strategy and acquired HeloAir, Inc., a Richmond, Virginia-based regional operator of utility and fire-suppression helicopters. HeloAir founder Whit Baldwin will remain with a retained stake and the deal establishes a platform for Fundamental to expand capabilities and pursue complementary acquisitions in aerial public-safety and infrastructure monitoring services.

Vantage Aviation, a Stamford-based, private equity-backed business aviation firm, has acquired Dominion Aviation, the sole-source FBO operator at Richmond Executive–Chesterfield County Airport (FCI). Dominion will continue operating its full-service offerings—including ground handling, fueling, hangar storage, aircraft management, charter, MRO (145 repair station), and flight training—while founder Mike Mickel remains with the business focusing on aircraft management as Vantage expands its U.S. FBO network.

America's Group (America's Auto Auction) has acquired Motley's Richmond Auto Auction in Richmond, Virginia, expanding its coast-to-coast footprint to 41 auction locations. The seller, Mark Motley and his family, agreed to the sale after 34 years of ownership; the Richmond site will augment America's Group's dealer, fleet and government remarketing capabilities.

BusPatrol, a Lorton, Virginia–based school bus safety technology provider, received a significant growth investment from GI Data Infrastructure (a strategy of GI Partners), with FIT Ventures remaining as an investor. The capital will support BusPatrol's scaling and product diversification across public safety, building on its presence in over 20,000 school buses across 16 states.

A fund managed by Maritime Partners, LLC acquired Norfolk, Virginia-based U.S. Marine Management LLC (USMMI) from Maersk Line, Limited on September 20, 2023. The deal adds USMMI’s fleet and long-term government contracts (including Military Sealift Command work and a Tanker Security Program award) to the acquiring fund’s portfolio to expand capabilities and diversify assets and counterparties.

TravelCenters of America Inc. (TA) completed the acquisition of two Interstate 81 travel center locations — Petro Raphine and TA Lexington — for $45 million. The sites, franchised since 2011, are expected to generate approximately $9.0 million of site-level EBITDA in 2023, and Petro Raphine is undergoing renovations to expand retail space and add 170 truck parking spaces (bringing it to nearly 900 spaces).

ASG, a portfolio company of Alpine Investors, has acquired Trucker Tools, a Reston-based provider of digital freight management and driver mobile app solutions. The acquisition expands ASG's vertical SaaS footprint in transportation by adding Trucker Tools' predictive freight-matching, visibility and automated booking capabilities and customer base of brokers, 3PLs and owner-operators.

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.