An affiliate of New York-based private investment firm CI Capital Partners has acquired Transplace, a provider of non-asset based third party logistics and transportation management services.
Terms of the transaction were not disclosed.
Founded in 2000 by six of the largest freight carriers in the US, Transplace helps its customers manage complex logistics and shipping needs by providing customised solutions through a proprietary web-based platform.
The company provides full transportation outsourcing, carrier contracting and negotiation, and freight brokerage services to a diversified blue chip customer base.
Transplace generates revenue in excess of USD700m from approximately 650 customers.
Tom Sanderson, Transplace’s chief executive, says: “We are pleased to complete a transaction that will provide Transplace with the capital to continue its internal growth and take advantage of attractive acquisition opportunities. CI Capital Partners has a long track record of growing businesses, while building value and creating attractive opportunities for employees. I would also like to take this opportunity to thank our former owners, including J.B. Hunt Transport Services, Swift Transportation, US Xpress Enterprises and Covenant Transport for their support since our formation in 2000. They will continue to be part of our carrier network and we look forward to a continued mutually beneficial commercial relationship.”
Joost Thesseling, principal at CI Capital Partners, adds: “Transplace is an excellent growth platform in the 3PL and transportation management sector. We are very excited to have the opportunity to partner with Tom Sanderson, George Abernathy and the entire Transplace management team. The market for outsourced transportation is very large and fragmented, and we believe Transplace is well positioned to continue to expand its 3PL and freight brokerage businesses organically as well as through strategic acquisitions.”
