The agreement comes less than a year after The Jordan Company bought GlobalTranz from a group of investors that included a Providence affiliate.
Private equity investment firm Providence Equity Partners LLC has signed a definitive agreement to acquire 100 percent of GlobalTranz Enterprises from The Jordan Company less than a year after it purchased the technology-driven freight brokerage company from investors that included a Providence affiliate.
The terms of the transaction, which was announced on Wednesday by GlobalTranz, were not disclosed, but the deal is expected to close within 60 days.
“GlobalTranz’s management team is a known commodity to Providence — we were a part of Providence from 2014 to June 2018 — and that drove their confidence in purchasing GlobalTranz,” said GlobalTranz CEO Renee Krug in an email.
GlobalTranz reported $1.4 billion in revenue in 2018, which was a 62 percent year-over-year growth. It has a network of more than 34,000 carriers and more than 25,000 shipping customers.
The company, founded in 2003 in Phoenix, has made nine acquisitions since January 2017, including the purchase of Circle 8 Logistics earlier this week.
“The team at GlobalTranz has built a technology-driven, market-leading logistics platform that has delivered strong value and growth,” said David Phillips (pictured above), managing director of Providence, in a statement. “The company is poised for continued success and we are excited to be part of the next stage of the company’s evolution.”
The Jordan Company along with certain management closed on its acquisition of GlobalTranz last July from Providence Strategic Growth, a growth equity affiliate of Providence Equity Partners, Susquehanna Growth Equity, Volition Capital, Savano Capital Partners and other investors.