Quad-C Sells AIT Worldwide to The Jordan Company

Quad-C Management has agreed to sell its equity interest in AIT Worldwide Logistics, a non-asset-based freight forwarder, to The Jordan Company. The terms of this transaction value AIT Worldwide at $1.2 billion. Quad-C acquired AIT Worldwide in partnership with the company’s management team in October 2017.

AIT Worldwide is a provider of air and ocean freight forwarding, ground distribution, truck brokerage, residential delivery, and customs brokerage. The company has more than 6,000 customers that are active in the automotive, consumer, retail, food logistics, government, healthcare, industrial, life sciences and technology sectors.

AIT Worldwide was founded in 1979 and is headquartered near Chicago in Itasca, Illinois with international offices in Amsterdam and Hong Kong and more than 85 additional offices worldwide.

ATI’s CEO Vaughn Moore and other members of the company’s senior management team will continue to lead the business and will remain significant investors in AIT in partnership with The Jordan Company.

“Our experience with the Quad-C team has been phenomenal,” said Mr. Moore. “Quad-C’s experience in the logistics industry, along with their focus on growth and business development, helped us build our business to reach new heights. We are on a trajectory for growth that is built on a very solid foundation as a result of our partnership. We are very fortunate to have had such great partners in Quad-C.”

In November 2020, AIT acquired Panther Logistics, a UK-based asset-light residential delivery services provider, and in December 2020, it acquired Fiege Forwarding, a Germany-based air and ocean freight forwarding business.

“It has been a great pleasure partnering with the terrific team at AIT to help solidify AIT’s position as a world-class logistics provider,” said Tom Hickey, a partner at Quad-C. “Over the past three years, AIT has invested in its employees to strengthen sales and operations and completed eleven acquisitions, more than doubling its revenues to over $1.2 billion. Today, AIT is a leader in its markets capable of serving customers in multiple geographies. We wish the great people at AIT all the best for the future.”

“We have really enjoyed working with the management team at AIT and are grateful for the dedication of all of the company’s employees, particularly through the pandemic,” said Michael Brooks, a partner at Quad-C. “During the course of our partnership, AIT has strengthened its capabilities in a number of market verticals, including life sciences, consumer and retail, and has added direct presence in a number of geographies, most notably in Europe.”

Quad-C invests from $35 million to $125 million of equity in companies with enterprise values of $75 million to $400 million. Sectors of interest include business services, consumer, general industrial, healthcare, specialty distribution and transportation and logistics. Quad-C was founded in 1989 and is headquartered in Charlottesville, Virginia.

The Jordan Company is a middle-market private equity firm that invests in a range of industries including industrials, transportation and logistics, healthcare, consumer, telecom, technology, and utilities. The firm was founded in 1982 and is headquartered in New York City with an additional office in Chicago.

Harris Williams was the financial advisor to AIT on this transaction.

© 2021 Private Equity Professional | March 18, 2021

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