London-based private equity Man Capital LLP has acquired OTS Logistics Group, parent of non-vessel-operating common carrier Vanguard Logistics Services, from founder and chairman Owen Glenn.
Terms of the deal were not disclosed. However, Man Capital said it will support and maintain the existing management team, led by Charlie Brennan, chief executive officer, and the NVO’s ongoing expansion internationally.
“With its leading market position, strong management and great workforce OTS meets the criteria we look for in a business,” said Peter Combe, Man Capital’s chief operating officer. “As a long-term shareholder, we look forward to helping OTS in its next stage of growth.”
“OTS is a world-class logistics business with a leading position in the sea-freight consolidator market,” added Loutfy Mansour, CEO of Man Capital. “We are backing a great management team with an impressive track record of growth and a reputation for reliability and service.”
Based in Los Angeles, OTS Logistics Group provides NVO services to the freight forwarding industry through multiple brands worldwide, including Vanguard Logistics, AFS, Brennan, Conterm, DCL, Ocean Express and Export Freight Services. The group, which reported gross sales of over $700 million in 2010, has 170 own offices and agents and over 2,800 employees across more than 100 countries.
OTS was created through a series of acquisitions. Direct Container Line, founded by Glenn in 1978, merged with Brennan International and Conterm Consolidation Services in 1998. The group was renamed OTS Logistics in 2001 and has continued its expansion mostly in Asia and Europe.
“I am pleased we have reached an agreement with Man Capital who recognize the success we’ve achieved to date and the great potential within the business,” Glenn, 71, said in a statement. “I am confident that with Man Capital’s support OTS will continue to go from strength to strength.”
“With the backing of Man Capital, there is a great opportunity to broaden our international footprint and the scope of services we can offer our clients, whilst continuing to provide the high levels of service expected of us,” Brennan said.
Man Capital was established in 2010 with the focus of providing capital and strategic support to companies with attractive growth perspectives. The firm is backed by its sole investor, the Mansour Group, which has operations in Egypt, the Middle East, Russia and Africa and employs over 38,000 employees principally in the heavy equipment, automotive, consumer and financial services sectors.
Glenn sells NVO to private equity
