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Eberhart Expands Shipping Platform

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Eberhart Capital has acquired TBI, a provider of full truckload refrigerated and dry van shipment services to the continental US.

TBI’s state-of-the-art refrigerated trailers allow shippers to have single, dual, or triple temperatures within one trailer and its fleet of trucks also has satellite tracking functions that allow for the remote setting and monitoring of temperatures, location, and security.

TBI, led by President Randy Thompson, was founded as Thompson Brothers Inc. in 1958 by brothers Eugene and Darrel Thompson. The company is headquartered in Sioux Falls, SD (www.tbitrucking.us).

The buy of TBI is the fourth investment made by Eberhart Capital in the transportation and logistics (T&L) sector. The firm’s first T&L acquisition was the buy of Twin Express (Rogers, MN) and later it closed the add-on acquisitions of Poling Express (Omaha, NE); and Golden Drop Trucking (Los Angeles, CA).

In total, excluding the operations of TBI, Twin Express now services the West Coast, Northwest, Southeast, Southwest, and Midwest regions with a fleet of over 200 trucks and over 1,500 carriers (www.twinexpress.com).

Eberhart Capital, founded by Dan Eberhart, is a private equity firm based in Scottsdale, AZ. Sectors of interest include construction, real estate development, transportation and logistics, manufacturing, and oil & gas (www.eberhartcapital.com).

Generational Equity (www.genequityco.com) was the financial advisor to TBI on this transaction.

© 2019 Private Equity Professional | April 29, 2019

OMERS Acquires Kenan Advantage

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KAG nf1OMERS Private Equity has signed an agreement to acquire The Kenan Advantage Group from Goldman Sachs Capital Partners and Centerbridge Partners.

Kenan Advantage Group is North America’s largest tank truck transporter and logistics provider, delivering fuel, chemicals, industrial gases, and food-grade products. KAG is the only independent fuels delivery carrier with a nationwide network, having operations in 40 states and the ability to deliver within all 48 states of the continental United States and Mexico. In addition, KAG operates in 16 locations throughout Alberta, British Columbia, Saskatchewan and Northwest Territories.  The company was founded in 1991 and is headquartered in North Canton, OH (www.thekag.com).

michael graham nf1“The investment in KAG is consistent with OMERS strategy of acquiring industry leading companies with world class management,” said Michael Graham, OMERS Senior Managing Director and Headof North America.  “The company has steadily grown to become the most sophisticated platform of scale in the stable and growing liquid bulk transit space.”

According to OMERs, the future organic growth of KAG will be supplemented by strategic acquisitions.  “We look forward to partnering with CEO Dennis Nash and the entire management team to support the company’s next phase of growth,” said William Coughlin, Managing Director at OMERS. “We believe that KAG will continue to distinguish itself as the market leader in the highly fragmented liquid bulk transportation industry in the years ahead.”

OMERS Private Equity manages the private equity activities of OMERS, one of Canada’s largest pension funds. The group’s investment strategy includes the active ownership of businesses in North America and Europe. Sectors of interest include manufacturing, financial and business services, industrial and consumer products, transportation, and technology. Investment sizes range from $100 million to $500 million. The firm is located in Toronto with offices in New York and London and has $6 billion of investments under management (www.omerspe.com).

“We are excited about our new partnership with OMERS.  The group’s culture, large capital base and international presence make them an ideal partner for us,” said Dennis Nash, CEO of KAG.

This transaction is expected to close in the third quarter of 2015.

© 2015 PEPD • Private Equity’s Leading News Magazine • 6-18-15

Cotton Creek Acquires Coal City Cob Company

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coalo city cob nf1Cotton Creek Capital has acquired Coal City Cob Company in partnership with the Cloonen family and management of the company. DFW Tank Cleaning, Coal City Cob’s affiliated tank washing operation, was also included in the transaction.

Coal City Cob is a second generation, family-owned business that provides liquid bulk transportation services to the chemical and hazardous waste industries.  Customers include chemical manufacturers and distributors, and specialty chemical companies. Coal City Cob operates a nationwide network of terminals, including a 27-acre facility near Dallas that has rail-to-truck bulk transfer ability, and offers fleet maintenance and tank wash services.  Coal City Cob was founded in 1970 and is headquartered in Waxahachie, TX (www.cccob.com).

Antonio DiGesualdo nf1“We have had a relationship with Coal City Cob for many years as a strategic provider of transportation services for our businesses,” said Cotton Creek Managing Director, Antonio DiGesualdo. “Over this period, Coal City Cob’s customer service and reliability have been unparalleled.”

Post closing, Coal City Cob will continue to be led by President and CEO Michael Cloonen and VP Operations Randy Wasson.  The Cloonen family will remain significant shareholders in the company.

“The consummation of our partnership with Cotton Creek represents a significant opportunity for our customers and employees as we combine the capabilities of Coal City Cob with the experience and resources of our new financial partner,” said Mr. Cloonen.

Cotton Creek Capital invests in lower middle market companies in manufacturing, value-added distribution, industrial services, business services, healthcare services and consumer staples. The firm invests in companies with enterprise values between $15 million and $200 million, partnering with management teams on a variety of transactions, including buyouts, recapitalizations, buy-and-builds, and corporate divestitures. Cotton Creek is headquartered in Dallas (www.cottoncreekcapital.com).

The investment in Coal City Cob is being made through Cotton Creek Capital Partners II, LP, Cotton Creek’s second standalone private equity fund.

2014 PEPD • Private Equity’s Leading News Magazine • 11-5-14

Larsen MacColl Exits A&S, Hits 24x Return

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A and S NF 1Larsen MacColl Partners has sold its portfolio company A&S Services Group to Celadon Group for $55 million and realized a 24x multiple of its invested capital from the sale. The transaction closed on October 24, 2014.

A&S Services Group is a provider of transportation, warehousing, distribution and logistics services in the Northeast and Mid-Atlantic region, with an additional presence in the Southeast and Midwest. The company is led by its President & CEO, Ken Buck, and is headquartered in New Freedom, PA (www.aandstrucking.com) (www.kinardtrucking.com).

A&S Services Group was acquired by Larsen MacColl in April 2009. During its term of ownership the company grew both organically and through add-acquisitions including the Diamond Group (January 2010), Den-El Transfer (June 2011), Kinard Trucking (June 2012) and B&B Trucking (January 2013).

jeff larsen nf2“Thanks to Ken Buck and his team, A&S grew tenfold during our partnership. We wish everyone at the combined company continued success,” said Larsen MacColl Managing Partner, Jeff Larsen.  “We’d also like to thank both BB&T, as our exclusive financial advisor, and Miller and Martin who acted as legal counsel to the sellers.”

Larsen MacColl invests in companies with $5 million to $40 million in revenue and $1 million to $5 million of EBITDA.  Sectors of interest include transportation and logistics, specialty manufacturing and distribution, consumer products and business services. Larsen MacColl is investing out of its third committed fund. The firm was founded in 2007 and is headquartered in Radnor, PA (www.larsenmaccoll.com).

“We achieved growth and profitability far beyond our expectations due to the financial and strategic support we received from the Larsen MacColl team,” said Mr. Buck.  “Our alliance with them was paramount to the visibility we achieved in the marketplace with strong industry players like Celadon.”

The buyer of A&S Services, Celadon Group, provides long-haul, regional, local, dedicated, intermodal, temperature-controlled, flatbed and expedited freight service across the United States, Canada and Mexico. The company is headquartered in Indianapolis (www.celadongroup.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-31-14

TriWest Capital Partners Exits RTL-Westcan

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westcan nfTriWest Capital Partners has sold its portfolio company RTL-Westcan to strategic buyer Kenan Advantage Group. TriWest first invested in RTL-Robinson Enterprises in September 2006. The company then merged with Westcan Bulk Transport in May 2007 to create the largest bulk commodity hauler in Western Canada.

RTL-Westcan specializes in the transportation of liquid and dry bulk commodities, including fuel, asphalt, ammonia, fertilizers, grains, ethanol, salt, sulfur and lime. The company serves the energy, mining, agriculture and infrastructure end markets. RTL-Westcan was founded in 1964 and is headquartered in Edmonton, Canada and operates out of 14 locations throughout Alberta, British Columbia, Saskatchewan and the Northwest Territories (www.westcanbulk.ca).

Kenan Advantage Group (KAG) is a tank truck hauler and logistics provider, transporting fuel, chemicals and food-grade products. The company has five operating groups consisting of the Fuels Delivery Group, Specialty Products Group, Merchant Gas Group, Logistics Group and KAG Canadian Group. KAG’s fleet consists of approximately 6,200 power units and 9,700 trailers. KAG also provides specialized supply chain logistics services through KAG Logistics and KAG Ethanol Logistics. The company is headquartered in North Canton, OH (www.thekag.com) (www.kaglogistics.com).

KAG funded the acquisition of RTL-Westcan with interim borrowings under its senior secured credit facility. KAG intends to refinance a portion of its senior secured credit facility with US and Canadian dollar term loans and unsecured high yield notes.

TriWest invests in companies with operating earnings or EBITDA in the range of $10 million to $50 million. Sectors of interest include service, manufacturing and distribution. The firm has raised $775 million in committed capital through four funds and has invested in 27 companies to date. TriWest was founded in 1998 and is based in Calgary, Alberta (www.triwest.ca).

Harris Williams & Co. (www.harriswilliams.com) acted as an advisor to RTL-Westcan. The transaction was led by Frank Mountcastle, Jason Bass, Joe Conner, Jershon Jones and Jeff Kidd from Harris Williams & Co.’s Transportation & Logistics (T&L) Group.

“RTL-Westcan has built an impressive platform for bulk hauling in Western Canada. The geographic areas served by the company represent some of the fastest growing regions in North America,” said Mr. Mountcastle, a managing director in Harris Williams & Co.’s T&L Group. “This partnership will enable RTL-Westcan to continue to execute its growth strategy while also providing KAG with a strategic platform to continue its expansion into new geographies and new markets in North America. This transaction is a great outcome for all parties involved.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 11-22-13

Atlantic Street Acquires Rig Runners

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eze nfEZE Trucking, a provider of specialty trucking and logistics services and a portfolio company of Atlantic Street Capital, has acquired Rig Runners, a heavy haul trucking company. The combination of EZE and Rig Runners creates one of the largest national specialty hauling and logistics businesses with 16 terminals, over 700 trailers and 400 power units and drivers.

Rig Runners provides specialized heavy and line haul freight and logistics operations to national energy and industrial customers, primarily in the Texas market. Rig Runners was founded in 1982 and is based in Houston (no website found).

“We are pleased to combine an industry leader in Rig Runners with EZE. The newly-combined company is much stronger as the customer base spans multiple industry verticals serving the oil and gas, infrastructure, power generation and industrials end-markets and is diversified across multiple geographic markets,” said Tim Lewis, Partner at Atlantic Street Capital.

EZE Trucking provides specialty heavy and over-dimensional freight logistics services to customers in the infrastructure and energy markets. EZE focuses on heavy and over dimensional loads that can exceed legal tonnage, width, height and length and require specialized route planning, permitting and escorts. Examples of EZE freight include bridge girders, oil rigs and turbines. EZE Trucking is based in Rialto, CA (www.ezetrucking.com).

EZE Trucking was acquired in 2009 by Atlantic Street Capital and in 2011 EZE acquired Patterson Motor Freight, a specialized trucking company focused on the oil and gas industry.

Atlantic Street Capital invests from $5 million to $20 million in middle market companies with revenues from $25 million to $150 million. Sectors of interest include consumer products and services, transportation and logistics, business services, and basic manufacturing. The firm is currently investing from Atlantic Street Capital Partners, LP II and is based in Stamford, CT (www.atlanticstreetcapital.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-5-13

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