Investment firm Angeles Equity Partners announced Wednesday it has acquired a majority stake in Freymiller Inc., a refrigerated truckload carrier with a fleet of about 600 power units operating nationwide.
The acquisition was driven by the growing demand for refrigerated carrier services, said Sam Heischuber, principal at Angeles Equity Partners.
“The transportation and logistics market has seen significant disruption from the COVID pandemic,” Heischuber said in a release. “We believe that specialty providers with scale, like Freymiller, stand to benefit from the current macroeconomic environment, as demand for refrigerated logistics continues to grow in a market with tight capacity.”
Oklahoma City-based Freymiller is a family-owned operation providing refrigerated, dedicated refrigerated and intermodal transportation services, as well as a logistics brokerage for cold chain solutions.
Freymiller was founded by Don Freymiller in 1968 in Shullsberg, Wisconsin. The company moved its operations to Oklahoma City in 1996. Freymiller employs 599 drivers, according to the Federal Motor Carrier Safety Administration.
“This investment represents an opportunity for us to accelerate our growth,” said David Freymiller, CEO of Freymiller, in a statement. “I am looking forward to the next chapter in our company’s story in partnership with Angeles as we provide more opportunities for our team members and expand partnerships with our customers.”
Santa Monica, California-based Angeles Equity Partners invests in companies across a range of industries, specifically targeting businesses “which it believes can directly benefit from the firm’s capabilities in operational transformation and strategic repositioning,” according to the company.
Angeles partnered with KJM Capital in the transaction to acquire a majority stake in Freymiller. Financial terms of the transaction were not disclosed.
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