Flatbed transportation and logistics provider Transport Investments Inc. has acquired a majority stake in Cincinnati-based freight brokerages US Logistics and Nationwide Logistics, collectively USLN.
USLN is a group of independent agents providing specialty freight services through a network of third-party carriers. The group specializes in truckload freight, including flatbed, van and refrigerated, as well as less-than-truckload and intermodal shipments.
“USLN’s market reputation, talented agents, deep customer relationships and carrier following are complementary to Transport’s capacity and other value-added solutions,” stated Bruce McAdams, CEO of Transport, in a Monday press release.
Financial terms of the transaction were not provided. In a separate statement, Bluejay Advisors, which advised USLN, said the deal represented a majority sale of both companies. Bluejay Advisors said USLN handles more than 140,000 loads annually through its group of more than 200 freight agents.
Management from USLN will remain in place.
“We view Transport as one of the leading platforms in the transportation market and we are thrilled to partner with them on this next phase of growth,” said Jeff Hiatt, co-founder of US Logistics.
Sarah Long, founder of Nationwide Logistics, said, “The combination with Transport will help fuel growth and expansion opportunities for USLN, our agents, customers, employees and carrier partners. We look forward to serving our current and new customers with the same leading service the market has come to expect from USLN.”
Pittsburgh-based Transport is a portfolio company of Gemspring Capital, a lower middle market private equity firm, working with companies with up to $500 million in revenue. Transport primarily provides heavy haul, flatbed and specialized transportation services in North America. It handles more than 375,000 loads annually through a network of terminals, owner-operators and carriers.