One Equity Partners exits investment in PS Logistics

One Equity Partners (OEP), a middle market private equity firm, has exited its investment in PS Logistics, flatbed transportation and full-service logistics provider in the United States. 

Financial terms of the private transaction have not been disclosed.

Founded in 2004 and headquartered in Birmingham, Alabama, PS Logistics provides nationwide freight transportation, brokerage, third-party logistics and supply chain services. The Company manages a fleet of over 3,500 tractors and operates a full-service, “asset-right” business model with a driver-centric culture. During OEP’s three-year investment period, PS Logistics’ EBITDA doubled, driven by strong organic growth and strategic acquisitions.

Following OEP’s investment in PS Logistics in March 2018, PS Logistics completed the transformational acquisition of Celadon Logistics in April 2019 and 13 additional acquisitions that added scale, density, non-asset operations and new customers. The acquisition of Celadon strengthened PS Logistics’ non-asset segment by doubling its brokerage and third-party logistics capabilities. 

“We partnered with Scott Smith and PS Logistics’ management team because we believed in the consolidation opportunity in the flatbed trucking market. We also believed that PSL’s Driver-First culture would position the Company as an inevitable winner in the tight market for drivers,” says Greg Belinfanti, Senior Managing Director of OEP. “PSL’s industry-leading driver retention rates, organic growth engine, successful track record of executing M&A and strong financial performance support the notion that creating quality jobs can lead to financial success. We are grateful for the strong performance PS Logistics demonstrated over the last three years and are excited about the opportunities ahead for PS Logistics’ management team, employees and driver partners.” 

Inna Etinberg, Principal of OEP, adds: “We believe that OEP’s transformational acquisition strategy accelerated the Company’s growth trajectory and improved the overall strategic value of the business.” 

“OEP has an established and proven track record of partnering with companies, and they have been a great partner in helping to scale our business and to position us for long-term success in a highly competitive market where our solutions provide immediate value to our customers and solve their logistical challenges,” says Scott Smith, CEO and co-founder of PS Logistics. 

UBS Investment Bank served as financial advisor to OEP, and Kirkland & Ellis LLP served as legal counsel to PS Logistics and OEP.

Author Profile