Charlotte, N.C.-based Ridgemont Equity Partners closed on an equity investment in freight broker Nolan Transportation Group to support the firm’s “continued rapid growth,” the companies said in a joint statement.
Private equity firm Ridgemont Equity Partners has closed on a growth equity investment in Nolan Transportation Group (NTG), a North American freight broker headquartered in Atlanta, Ga., the companies said in a joint statement.
Under the terms of the investment agreement, Charlotte, N.C.-based Ridgemont will partner with NTG management, who will remain the company’s largest shareholders, to support the firm’s “continued rapid growth.”
Financial terms of the deal were not disclosed.
“This capital raise marks an important milestone for NTG as we continue on our path to become one of the largest providers of freight brokerage services in North America,” NTG President and CEO Kevin Nolan said of the investment. “We welcome not only Ridgemont’s strong logistics expertise but most importantly their cultural fit with NTG, which is integral to the success of our business.”
“We decided to seek a financial partner to bolster our current growth strategy; to continue to build out the best brokerage operations team in the business; and to invest in the tools and technology that will increase our value and integration with our customers and carriers,” added Harold Baron, senior vice president at NTG.
Ridgemont Vice President Tim Dillon said NTG is one of the fastest growing firms in the truckload brokerage market, which is valued at an estimated $50 billion.
“Run-rate revenue is over $300 million and has more than doubled in size over the last two years,” said Dillon. “We look forward to continuing to scale the business together while preserving NTG’s strong and unique culture.”
The investment firm is highly active in the third-party logistics market, having closed two other platform investments in the past two years, as well as four add-on acquisitions, according to Ridgemont partner Rob Edwards.
“I expect that Ridgemont will continue to find attractive opportunities in the this sector over time,” he said.
Founded in 2005 as a truckload brokerage firm, Nolan Transportation Group has 11 offices nationwide, more than 500 employees, and over 5,000 customers across North America. The company provides truckload and less-than-truckload brokerage services, expedited, intermodal, and customized transportation solutions via a carrier network of more than 40,000 independent transportation companies.
Private equity firm invests in Nolan Transportation Group
