The truckload carrier owners of Transplace sold the third-party logistics and technology operator to a New York-based private equity firm, the companies announced Tuesday, saying the deal will allow new investment in the company’s expansion.
Terms of the transaction were not disclosed.
The sale comes nine years after truckload carriers J.B. Hunt Transport Services, Swift Transportation, U.S. Xpress and Covenant Transportation established Transplace to provide outsourced transportation and logistics management along with proprietary, Web-based logistics technology.
The Dallas-based company has grown into a $700 million enterprise that gets less than 10 percent of its business from its owners.
“We are pleased to complete a transaction that will provide Transplace with the capital to continue its internal growth and take advantage of attractive acquisition opportunities,” Tom Sanderson, Transplace’s CEO, said in a statement. “CI Capital Partners has a long track record of growing businesses, while building value and creating attractive opportunities for employees.”
Transplace becomes the only transportation company listed in a CI Capital Partners portfolio that includes air conditioning and plumbing supplier American Residential Services and home accessories provider Ply Gem Industries. It was the largest investor in a group of firms that bought electronics company