Ridgemont to merge Worldwide Express, Unishippers

Investment firm Ridgemont Equity Partners will purchase third-party logistics provider Worldwide Express and merge it with portfolio company and fellow 3PL Unishippers Global Logistics to create a new firm called Worldwide Express Global Logistics.    Investment firm Ridgemont Equity Partners will acquire third-party logistics provider Worldwide Express from affiliates of Quad-C Management and plans to merge it with portfolio company and fellow non-asset-based 3PL Unishippers Global Logistics, according to a statement from the company.
   Financial terms of the deal, which has already received HSR approval and is expected to close in first quarter 2017, were not disclosed.
   Worldwide Express and Unishippers both offer a diverse suite of freight solutions, including small parcel, less-than-truckload, truckload and airfreight services via a strategic network of national and regional carriers relationships.
   The combined company, dubbed Worldwide Express Global Logistics, will be the largest U.S. non-asset-based third-party logistics provider of parcel and freight services to the small- and medium-sized business segment, according to Ridgemont.
   Worldwide Express Global Logistics will operate a network of 308 offices across the United States, including both company-owned and franchise locations, serving over 90,000 customers.
   Current Worldwide Express CEO Tom Madine will lead the combined business, and Kevin Lathrop will continue to lead Unishippers, and franchises of both company’s will continue to operate under their existing brand names for the time being.
   “The combination of Worldwide Express and Unishippers is a very natural step in the evolution of both companies,” Madine and Lathrop said in a joint statement. “We have had highly complementary business models and growth strategies for many years and will now better leverage our market-leading capabilities, technology and talent across a larger platform.
   “The combined business will offer an elevated value proposition to our customers through a more fulsome suite of services, leading technology, attractive prices and hands-on customer support,” they said.
   “Ridgemont is our ideal financial partner for the company’s next phase of growth,” added Madine. “Their third-party logistics experience and strategic insights will be extremely valuable to the execution of our growth strategy and business continuity.”
   Fidus Partners and Harris Williams & Co. served as financial advisors to Worldwide Express and Quad-C in the transaction, while Piper Jaffray & Co. served as financial advisor to Unishippers. White & Case LLP served as legal advisor to Quad-C, and Kirkland & Ellis LLP served as legal advisor to Ridgemont. Antares Capital and Deutsche Bank are serving as joint lead arrangers on the debt financing. Citizens Financial Group is a joint arranger of both facilities.