Miami-based lower middle-market investor ICV Partners has sold its portfolio company and global maritime logistics provider Horizon Air Freight to Connecticut-based private equity firm GHK Capital Partners, having first acquired Horizon in 2019.
Horizon Air Freight was founded in 1970 and offers freight forwarding, customs clearance, last mile delivery services and port call agency services to ships worldwide.
ICV’s 2019 acquisition of Horizon was made in partnership with Steve Leondis, the company’s CEO and son of the founder, and several members of management who also invested alongside ICV.
According to a press release, ICV oversaw investments in Horizon’s management team; the growth of revenues approximately six-fold and more than tripled EBITDA; advancements in technology and customer service, and geographic expansion from two to over 30 locations across North America, South America, Asia and Europe.
During ICV’s holding period, Horizon also made several add-on acquisitions and partnered with Delver Agents, Transmarine Navigation and Swift Marine.
Kalpana Zeena Rao, Managing Director at ICV, commented: “We saw a compelling opportunity to grow a niche maritime logistics platform, and Horizon is now positioned as a global leader in marine logistics. We believe the company will continue to thrive and innovate in its next chapter.”
Horizon was advised by Jefferies and DLA Piper, while GHK Capital Partners was advised by Citizens Financial Group and Davis Polk & Wardwell.
