Fri, 09/11/2012 - 14:05
MNX, a provider of transportation and logistics services, has been acquired by private equity firm The Riverside Company.
The deal will provide MNX with the ability to fund future expansion and acquisitions.
"MNX's compelling service offerings and continued international expansion have contributed to a strong pipeline of opportunities that position the company for growth," says MNX chief executive Scott Cannon. "Riverside has a stellar reputation for helping companies accelerate development. We believe the acquisition marries nicely with our existing expansion plans while also benefiting our existing customers and employees. We could not be more thrilled about the opportunities presented by Riverside's partnership, and we look forward to continuing to provide best-in-class service to our customers."
The Los Angeles-based MNX has emerged as a leading innovator in the expedited transportation and logistics industry with a diverse client list that includes specialisation in the life sciences, aviation and entertainment industries. The company has offices on four continents, operating a series of partnerships that extend its network to more than 190 countries worldwide and more than 2,400 ground couriers and 450 airlines.
MNX's primary service offering is its Express Service, which is used to transport high-value items, from transplant tissues to mission-critical maintenance parts, typically on a same-day basis. Additional services offered by MNX include freight forwarding and a variety of supply chain services tailored to the needs of its customers and their end markets.
Under the terms of the acquisition, which brings few changes to the day-to-day operations of MNX, Cannon will continue in his role and as a meaningful investor, while Chuck Dunlap has been named as interim chief financial officer.
"MNX has a reputation for consistent performance and the kind of high-touch globalized service that customers demand in today's market," says Riverside partner Matt Dailey. "We're excited to partner with MNX's management team and look forward to working with them to help them expand upon the platform they've built."
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