Priority Courier Experts gains private equity backing
Financing will help Priority to expand B2B delivery service beyond Minneapolis-St. Paul region, Trident investment firm says.
The expedited local B2B delivery provider Priority Courier Experts today said it had gained a “strategic investment” from Trident, a private equity firm that specializes in acquiring U.S.-based small businesses.
Founded in 1996, Priority uses its fleet of both CDL commercial vehicles and parcel vehicles to serve customers throughout the Minneapolis-St. Paul metropolitan area in sectors including building products, third-party logistics, healthcare, electrical equipment, food & beverage, and automotive.
Terms of the deal were not disclosed, but Trident said it is partnering with Bluejay Capital. Following the move, Mark Cossack, formerly president at Priority, will serve as the company’s new CEO. And Ted Burchell, formerly Priority’s executive vice president, will serve as president.
Trident said it now aims to enhance Priority's local market position and expand its footprint to other cities to meet customer demand for increasingly expedited delivery service.
“Priority has built an incredible reputation in the Twin Cities over its nearly three decades of best-in-class service,” Eric Taylor, founder & CEO of Trident, said in a release. “We are eager to join forces with Mark, Ted and Bluejay to build upon the strong success the company has achieved to date and to expand its services into new geographies to better serve customers.”