Calera Capital has acquired the Evans Network of Companies, a provider of non-asset based intermodal trucking services. Bo Bates, CEO of Evans, and other members of the senior management team, along with the Evans family will retain a significant equity interest in the business.
The Evans Network of Companies provides intermodal, flatbed, brokerage, dry van and other trucking services. Through its agent network, Evans offers services through a fleet of over 3,000 tractors and over 180 terminals throughout the country. Evans was founded in 1939 by Albert L. Evans, Sr. and is headquartered in Schuylkill Haven, PA (about 92 miles northwest of Philadelphia) (www.evansdelivery.com).
“Evans has a long and successful track record of supporting and growing its agent network and servicing agents, drivers and shippers with a comprehensive and highly value-additive offering,” said James Halow, Managing Director of Calera Capital. “We are excited to be partnering with Bo and his team to grow within the intermodal space as well as to continue to extend Evans’ model in adjacent markets.”
“I have known Evans and its management team for over a decade and am a strong believer in the company’s culture, business model and approach,” said Bob Bianco, Operating Partner of Calera Capital. “We are delighted to support management as they further realize the substantial potential of the business.”
Evans represents Calera’s third investment for the firm’s fifth fund which had a final close in April 2016. The first Fund V portfolio company was acquired in November 2015 with the buy of Transaction Services Group, an outsourced provider of service technologies that enable businesses to accept recurring payments from customers. The second portfolio company for Fund V was the January 2017 buy of Carnegie Fabrics, a supplier of textiles used in the corporate, healthcare, hospitality, and education building markets.
Calera Capital invests from $35 million to $200 million in companies with enterprise values from $100 million to $750 million. Sectors of interest include business services and specialty industrials. Calera was founded in 1991 and has offices in San Francisco and Boston (www.caleracapital.com).
© 2017 Private Equity Professional | February 10, 2017