Middle market private equity firm Calera Capital has acquired a majority stake in the Evans Network of Companies, a provider of intermodal and other trucking services through a non-asset based agency model.
Bo Bates, Evans’ CEO, the Evans family and management will retain a significant equity interest in the business. Terms of the transaction were not disclosed.
James Halow, managing director of Calera Capital, says: “Evans has a long and successful track record of supporting and growing its agent network and servicing agents, drivers and shippers with a comprehensive and highly value-additive offering. We are excited to be partnering with Bo and his team to grow within the intermodal space as well as to continue to extend Evans’ model in adjacent markets.”
Bob Bianco, operating partner of Calera Capital, adds: “I have known Evans and its management team for over a decade and am a strong believer in the company’s culture, business model and approach. We are delighted to support management as they further realize the substantial potential of the business.”
“We are extremely pleased to be partnering with Calera Capital to support this business in the next chapter of our evolution,” says Bates. “We expect to continue to grow our market position, add to our offering, and extend into new arenas, while at the same time preserving the culture and entrepreneurialism that has driven our historical success.”
Evans represents Calera’s third investment from Fund V. Mark Williamson, Halow and Bianco from Calera will be joining the Evans’ board alongside Bates, Bert Evans, the former CEO of Evans, and Mark Fornasiero, a managing partner at Clarendon Group.
