CI Capital Partners LLC, a New York-based private investment firm; J B Hunt Transport Services Inc; Swift Transportation; US Xpress Enterprises; and Covenant Transportation Group Inc announced that an affiliate of CI Capital Partners has acquired Transplace. The firm acquired is a provider of non-asset based third-party logistics (3PL) and transportation management services. Terms of the transaction were not disclosed.
Founded in 2000 by six of the largest freight carriers in the United States, Transplace helps its customers manage complex logistics and shipping needs by providing customized systems through a proprietary web-based platform. The company provides full transportation outsourcing, carrier contracting and negotiation, and freight brokerage services to a diversified customer base. As one of the top 10 freight capacity brokers in the United States, Transplace generates revenue in excess of $700 million from about 650 customers.
Tom Sanderson, Transplace’s chief executive officer, said, “We are pleased to complete a transaction that will provide Transplace with the capital to continue its internal growth and take advantage of attractive acquisition opportunities. CI Capital Partners has a long track record of growing businesses, while building value and creating attractive opportunities for employees. I would also like to take this opportunity to thank our former owners, including J B Hunt Transport Services Inc, Swift Transportation, US Xpress Enterprises, and Covenant Transport for their support since our formation in 2000. They will continue to be part of our carrier network, and we look forward to a continued mutually beneficial commercial relationship.”
CI Capital’s legal counsel is Paul, Weiss, Rifkind, Wharton & Garrison LLP. Transplace was represented by Thompson & Knight LLP.