Unitrans International Logistics, a portfolio company of Palm Beach Capital and Logisticap Partners, has been sold to Roadrunner Transportation Systems. Palm Beach Capital and Logisticap first invested in Unitrans in January 2012.
Unitrans specializes in providing international logistics services for customers in the life sciences, nutrition, oil and gas, engineering, entertainment, aerospace and defense as well as high-tech industries. Unitrans offers its customers international ocean and air transportation management, customs house brokerage and domestic logistics services, with a focus on complex, cold chain and high value shipments. Unitrans was founded in 1977 and is headquartered in Los Angeles (www.Unitrans-US.com).
Palm Beach Capital makes control and non-control investments of $3 million to $20 million in companies with enterprise values from $10 million to $100 million and that have a minimum EBITDA of $3 million. The firm is both industry and location agnostic. Since founding in 2001, Palm Beach Capital has made investments in 37 companies and has approximately $325 million in total assets under management. The firm has offices in West Palm Beach and Tampa (www.pbcap.com).
Logisticap Partners is a fundless sponsor that focuses solely on transactions in the logistics industry. Logisticap has completed four transactions since 2012 with a combined enterprise value of more than $300 million. The firm is based in Ponte Vedra Beach, FL (www.logisticap.com).
Harris Williams & Co. (www.harriswilliams.com) acted as the exclusive advisor to Unitrans. The transaction was led by Frank Mountcastle, Jason Bass, Jeff Burkett, Jeff Kidd and Carl Hardie from Harris Williams & Co.’s Transportation & Logistics (T&L) Group.
“Unitrans has carved out a unique niche in the freight forwarding industry serving high value clients with a focus on complex, cold-chain shipments,” said Frank Mountcastle, a managing director and co-head of Harris Williams & Co.’s T&L Group. “Having made other acquisitions in the space, Roadrunner is becoming a key player in the freight forwarding sector.”
Roadrunner (NYSE:RRTS) is a asset-light transportation and logistics service provider offering a full suite of solutions, including customized and expedited less-than-truckload, truckload logistics, transportation management solutions, intermodal solutions, freight consolidation, inventory management, expedited services, international freight forwarding, customs brokerage and comprehensive global supply chain solutions. The company is based in Cudahy, WI (www.rrts.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-19-14
