Global freight forwarder Seko Logistics said Thursday it has entered a recapitalization agreement with its financial partners to cure its balance sheet.
Financial terms of the transaction were not disclosed, but the deal is a “landmark transaction” that will stabilize the company and allow it to focus on its “long-term growth trajectory,” a news release said.
“The ongoing freight recession has impacted the entire market, and by proactively addressing our balance sheet, we will be at the forefront of the industry and better equipped to navigate these challenges and provide exceptional value to our clients and partners around the world,” stated Seko CEO James Gagne in the release.
Private equity firm Ridgemont Equity Partners became the Schaumburg, Illinois-based logistics provider’s majority investor through a 2021 recapitalization. The new deal is backed by Seko’s lenders and equity sponsors, the release said.
The new capital will give Seko an improved financial position and allow the company to invest in its staff, network and technology. The nearly 50-year-old business provides end-to-end logistics services out of more than 150 offices in more than 60 countries.
The deal is expected to close in the coming weeks. The current leadership team will remain in place.
“With the recapitalization and scalable go-forward business plan, SEKO will enter an exciting new phase with the financial and strategic foundation to create the future of logistics,” Gagne added.
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