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GlobalTranz Selects New Equity Partner
GlobalTranz Enterprises, Inc., a leading technology-driven third-party logistics (3PL) solutions provider, today announced that it has selected funds advised by Providence Equity Partners L.L.C. and its affiliates (Providence) as its new equity partner. Providence has signed a definitive agreement to acquire 100% of GlobalTranz from The Jordan Company, L.P. (TJC). The transaction is expected to close within 60 days.
"The team at GlobalTranz has built a technology-driven, market-leading logistics platform that has delivered strong value and growth. The company is poised for continued success and we are excited to be part of the next stage of the company's evolution," said David Phillips, Managing Director, Providence. "GlobalTranz is a very strong fit with our model, and we expect to leverage our relationships and resources to help management continue to grow the business."
"I am excited to have Providence as our new owner, with their impressive track record of expanding B2B tech-enabled services businesses across multiple sub-sectors and geographies," said Renee Krug, CEO of GlobalTranz. "I would like to thank The Jordan Company for their support, guidance and governance. TJC's sector experience facilitated accelerated growth both organically and via acquisitions. We are pleased to provide a successful exit for TJC while concurrently positioning the company well for the next steps in its journey."
Ranked the 10th largest freight brokerage in the US by Transport Topics and voted an Inbound Logistics Top 10 3PL provider for 2018, GlobalTranz is driving strong growth with 25,000+ customers through technology innovation, a network of 34,000+ carriers, transformative M&A, creative products and superior customer service delivered by the some of best people in the industry.
"Our new partnership with Providence will allow us to continue our pattern of strong growth both organically and through strategic acquisitions," said Bob Farrell, executive chairman of GlobalTranz. "With Providence's support, we expect to build upon our unique success through ongoing technology innovation and the deployment of logistics solutions that address ever-increasing shipper sophistication."
GlobalTranz was advised by Harris Williams & Co. and Kirkland & Ellis LLP. Providence was advised by Weil, Gotshal & Manges.
For more information, visit https://www.globaltranz.com/ and follow us on LinkedIn and Twitter @globaltranz.