Corinthian Capital Group has made an investment in MetroGistics, an asset-light automotive logistics company. MetroGistics will partner with Corinthian Capital’s current automotive logistics portfolio companies – Precision Motor Transport Group (PMTG) and McNutt Automotive Logistics – to offer a full range of automotive logistics and transportation services.
“MetroGistics has revolutionized the asset-light automotive logistics industry with its unparalleled technology platform,” said Jim McNair, Senior Managing Director of Corinthian Capital. “We’re excited to have the company’s impressive management team join PMTG’s and McNutt’s leadership and improve eacsh entity’s client offerings.”
MetroGistics is an asset-light automotive logistics technology company specializing in long-haul brokerage services for original equipment manufacturers, rental car companies, major dealer groups, fleet lease companies, and automotive auction houses. The company is headquartered in St. Louis. Bill Billiter and Scott Naz, the existing management at MetroGistics, will continue to lead the company (www.metrogistics.com).
PMTG is an asset-heavy car haul company based near Lansing in Okemos, MI, which provides automotive delivery services to OEMs through a fleet of 300 enclosed and open company-owned trucks (www.pmtghome.com). Corinthian acquired PMTG in October 2008.
McNutt is an asset-light automotive logistics provider that specializes in less-than-truckload brokerage services. The company is based south of Kansas City in Lowry, MO (www.mcnuttlogistics.com).
Corinthian Capital invests in niche manufacturing, distribution, and service businesses with EBITDAs between $10 million and $30 million located primarily in North America. Corinthian Capital is based in New York with additional offices in Chicago and Boston (www.corinthiancap.com).
Patriot Capital (www.patriot-capital.com) made a subordinated debt and equity investment in MetroGistics to support the transaction. Patriot Capital invests senior and subordinated debt and equity in small and medium-sized privately-held companies that have annual revenues of $10 million to $200 million. Investment sizes range from $3 million and $20 million.
2014 PEPD • Private Equity’s Leading News Magazine • 12-11-14