Transplace announces Greenbriar as new equity partner
May 29, 2013 - LM Editorial
Non asset-based third-party logistics (3PL) services provider Transplace said yesterday it has selected New York-based private investment firm Greenbriar Equity Group LLC as its new equity partner.
Transplace officials said that Greenbriar acquired Transplace from an affiliate of CI Capital Partners, a New York-based private equity firm. The CI affiliate acquired Transplace in late 2010.
Transplace was established in 2000 as a collaboration among six transportation carriers—J.B. Hunt Transport Services, Covenant Transport, Swift Transportation Co., M.S. Carriers Inc. (which subsequently merged with Swift), U.S. Xpress Enterprises, and Werner Enterprises. When the companies first joined together to establish Transplace, it was viewed as a way to bring shippers and carriers together through a Web-based platform to efficiently collaborate on transportation and logistics planning and execution.
The company is widely viewed as one of the top ten capacity freight brokers and leading 3PLs in the country and generates revenue north of $700 million from about 650 customers across various sectors. It also works with shippers to manage complex logistics and shipping needs via its proprietary Web-based technology platform.
Transplace CEO Tom Sanderson told LM in a 2010 interview, when it was acquired by the CI Capital Partners affiliate, that that the company’s management team had long been interested in finding a good private equity partner that will help move its business forward at a faster pace.
According to Sanderson, the previous ownership did not have a lot of strategic interest in Transplace and were not terribly active participants in the company. He added that they were always open to the idea of a sale and waited until the company progressed to a point where the price they got was reasonable.
“Greenbriar has a long-standing focus on the logistics sector, understands our industry and will support growing our business, while building value for our customers and creating attractive opportunities for employees,” Sanderson said in a statement. “Our partnership with CI Capital provided the opportunity to supplement organic growth with mergers and acquisitions such as leading Intermodal transportation provider Celtic International, chemical-focused 3PL SCO Logistics, and Canadian transportation manager Torus Freight Systems (now Transplace Canada).”
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