Tue, 08/01/2013 - 14:09
Georgia Oak Partners has made an investment in TeamOne Logistics, a provider of workforce solutions to companies with transportation or warehousing related functions.
Founded in 2003, TeamOne specialises in employee services, including recruitment and screening, training and development, benefits, risk management and compliance.
With approximately USD50m in revenue, TeamOne has more than 750 employees across 26 states.
Georgia Oak is partnering with the existing management of TeamOne Logistics, including founder Jerry Gray. A 30-year veteran in the transportation and logistics industry, Gray continues as president of TeamOne.
“The Georgia Oak partnership is an exciting next step for us and will bolster our top-line growth strategy,” says Gray. “It is important to us that Georgia Oak brings a local, relationship-based approach. We are excited about this next phase of growth and the benefits this partnership will provide to our customers and employees.”
“We are thrilled to partner with the experienced leaders at TeamOne,” says Michael Lonergan, managing director of Georgia Oak. “It has become increasingly challenging for companies with private truck fleets to navigate today’s operating environment. The shortage of truck drivers, increased regulations and rising insurance costs are trends that are expected to continue. We believe TeamOne is well-positioned to assist companies in managing the various complexities of transportation workforce management.”
This investment in TeamOne marks the inaugural transaction for Georgia Oak Partners. Georgia Oak is seeking to invest in privately held businesses in Georgia and the broader Southeast with revenues of USD10m to USD100m.
Georgia Oak Partners funded the transaction with equity from its syndicate of investors, including Southeast-based executives and institutional investors. Financing for the transaction was provided by the commercial banking division of The Brand Bank.
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