WESTLAKE, Ohio and NEW YORK, March 6,
2017 /PRNewswire/ -- CI Capital Partners ("CI
Capital"), a New York-based
private equity firm, and Simplified Logistics ("Simplified"), an
Ohio-based third-party logistics
("3PL") provider with a focus on less-than-truckload ("LTL")
transportation management services, announced today that an
affiliate of CI Capital has acquired a majority interest in
Simplified. The management team of Simplified will retain a
significant equity ownership in the company. Terms of the
transactions were not disclosed.
Simplified helps its diverse customer base manage their
transportation needs by leveraging Simplified's experience, carrier
relationships, scale and proprietary technology platform.
Simplified also provides each customer with a custom solution, with
the goal of reducing freight expenses and improving service.
CI Capital is acquiring Simplified in partnership with
Mark Yeager, an experienced
logistics executive who most recently served as the President and
Chief Operating Officer of Hub Group (NASDAQ: HUBG), a leading
transportation management company offering intermodal, brokerage
and logistics services. Mr. Yeager will serve as Chief Executive
Officer of Simplified and make an equity investment in the
company. Mr. Yeager will join the board of Simplified along
with co-founders Dave Klugman,
Bob Maisch and Sam Avampato, as well as Jack Holmes, former President of UPS Freight
(NYSE: UPS) and James Down, former
Head of Mercer Management Consulting.
Mr. Yeager said, "The Simplified management team has built a
strong position in the LTL freight sector. We see an
attractive opportunity to build Simplified into a large scale,
full-service 3PL provider both organically and through strategic
add-on acquisitions."
"We have remained interested in the logistics sector and have
been searching for the right opportunity to acquire a third-party
logistics platform company," said Joost Thesseling, Managing
Director at CI Capital. "We are very impressed with the Simplified
management team and the business that they have built. We are
grateful for the opportunity to form this partnership and look
forward to working with the management team and Mark Yeager."
Sam Avampato, President of
Simplified Logistics, added, "We believe there is an opportunity
for Simplified to expand its focus beyond LTL transportation
management services. CI Capital and Mark
Yeager's deep experience in logistics will help us pursue
and achieve this goal."
"We are thrilled to form this partnership with CI Capital, whose
history of supporting management teams to build businesses through
add-on acquisitions and other growth initiatives made them an ideal
partner to support Simplified in its next phase of growth," said
Mr. Klugman.
About Simplified Logistics
Simplified Logistics is a leading North American provider of
transportation management services. Simplified's
comprehensive service offering includes logistics consulting,
transportation management, customer reporting and freight audit and
payment services. Simplified was founded in 2003 and is based
in Westlake, OH. For more
information, please visit www.simplifiedlogistics.com.
About CI Capital Partners
CI Capital Partners LLC, a leading North American private equity
investment firm with approximately $2.2
billion in assets under management, has been investing in
middle-market companies since 1993. Since inception, CI
Capital and its portfolio companies have made over 220 acquisitions
representing approximately $8 billion
in enterprise value. CI Capital's existing portfolio consists
of companies that collectively generate annual revenue of over
$3 billion and annual EBITDA of over
$350 million and employ over 13,000
people. For more information, please visit www.cicapllc.com.
Media Contact
Daniel
Yunger
KEKST
212.521.4800
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SOURCE CI Capital Partners