On Tuesday, 3PL and technology provider GlobalTranz announced that it was being acquired by The Jordan Company, a private equity firm headquartered in Manhattan with offices in the John Hancock Center in Chicago. Because the deal has not yet formally closed, the financial details were not released. But since then, DC Velocity reported that two sources confirmed the sale price was around $400M.
“We are extremely impressed by what the current management team and employees have accomplished in building GlobalTranz into a world-class business,” said Brian Higgins, Senior Partner, The Jordan Company in a press release. “GlobalTranz is a very strong fit with our existing portfolio companies, and we expect to leverage our experience in the logistics space to help management continue to grow the business.”
GlobalTranz was ranked the 10th largest freight brokerage in the United States by Transport Topics, with more than 25,000 customers, a network exceeding 35,000 carriers. In April, Renee Krug, GlobalTranz’s CFO, received the Women in Trucking Association’s Distinguished Woman in Logistics Award.
Sellers in the deal—GlobalTranz’s previous equity partners—include Providence Strategic Growth, Volition Capital, Susquehanna Growth Equity, and Savano Capital Partners.
GlobalTranz, headquarted in Phoenix, was founded in 2003 and had raised a total of $53M to this point. GlobalTranz closed its Series A round worth $10M in 2011, its $3M Series B round in late 2013, and the brokerage’s $40M Series C round was led by Providence and Susquehanna in 2014.
“I am excited to have TJC as our new owners,” said Bob Farrell, chairman and CEO of GlobalTranz, in a press release. “I would like to thank Providence, Volition, Susquehanna and Savano for their support, guidance and governance. The collective and collaborative hard work by everyone on the GlobalTranz team has allowed our existing investors to realize a strong return while concurrently positioning the company well for the next steps in its evolution.”
For 2017, GlobalTranz posted gross revenues of $854M (net revenues were $151M), representing 55% growth over 2016; about half of that growth was organic, with the other half coming from acquisitions. Last year, GlobalTranz expanded its footprint with a network of seven new branches across the United States and Mexico.
The Jordan Company’s other current investments in the transportation and logistics space include international freight forwarder AFF Global Logistics, supply chain solutions provider Capstone, global multi-modal transportation solutions provider Odyssey, and mission-critical logistics provider Quick.
Stay up-to-date with the latest commentary and insights on FreightTech and the impact to the markets by subscribing.