MIAMI, Aug. 27,
2024 /PRNewswire/ -- ICV Partners, LLC (ICV), a
leading investment firm and capital partner to lower middle market
companies, has completed the sale of its portfolio company Horizon
Air Freight, Inc. ("Horizon" or the "Company") to GHK Capital
Partners LP. ICV acquired Horizon in 2019 and supported the Company
through a period of significant growth and strategic expansion.
Horizon Air Freight, founded in 1970, has established itself as
a key player in the global maritime logistics industry, offering
freight forwarding, customs clearance, last mile delivery services,
and port call agency services to thousands of ships worldwide.
ICV invested in Horizon in 2019 in partnership with Steve Leondis, the company's CEO and son of the
founder, and several members of management who also invested
alongside ICV. With ICV, Horizon made significant investments
in its management team to help transition the company from a family
led business, to a global logistics leader. The Company grew
revenues approximately six-fold and more than tripled earnings
before interest, taxes, depreciation and amortization. ICV
and Horizon's management worked together to grow the Company's
capabilities, including advancements in technology and customer
service, and to expand Horizon's geographic reach from two
locations to over 30 locations across North America, South
America, Asia and
Europe. During the partnership
with ICV, Horizon evaluated several acquisitions and struck
strategic partnerships with Delver Agents, Transmarine Navigation
and Swift Marine which allowed the Company to thoughtfully grow its
service offering in marine logistics and expand globally to form
the Horizon Group.
Steve Leondis, CEO of Horizon
stated, "Our partnership with ICV has been instrumental to our
growth over the past few years. With their support and
considerable resources, we have become a larger and more resilient
business, and significantly expanded our global reach and our
service offerings, making Horizon a key strategic partner for our
maritime customers. We are well prepared for future growth
thanks to the strong foundation we built with ICV."
Kalpana Zeena Rao, Managing
Director at ICV stated, "We are extremely proud of our partnership
with Horizon and thrilled that many members of management were able
to invest alongside us and share in the Company's success. We
saw a compelling opportunity to grow a niche maritime logistics
platform, and Horizon is now positioned as a global leader in
marine logistics. We believe the Company will continue to
thrive and innovate in its next chapter."
The successful realization of Horizon builds on ICV's strong
track record in the transportation & logistics sector of its
business services industry vertical. Since inception, ICV has
completed 15 platform investments and over 20 add-on acquisitions
in business services.
Horizon was advised by Jefferies LLC and represented by DLA
Piper LLP. GHK Capital Partners LP was advised by Citizens
Financial Group, Inc. and represented by Davis Polk & Wardwell LLP.
About ICV Partners
Founded in 1999, ICV Partners is an
experienced private equity firm that supports management of lower
middle market companies to facilitate transformational growth.
The principals of ICV have worked together for many years and
crafted a strong track record of helping companies improve
performance over the long term and across a variety of industries.
ICV seeks to make control investments in strong businesses with
$25 million to $250 million in revenue. ICV celebrated its
25th year anniversary recently. Additional
information is available at www.icvpartners.com.
About Horizon Group
Founded in 1970, Horizon is a
leading global provider of specialized international freight
forwarding focused on time-critical marine spare parts logistics.
Operating out of over 30 locations across the Americas,
Europe, and Asia, Horizon offers services spanning
multimodal logistics for marine spares, supplies, and equipment and
port agency solutions. Over its more than five-decade history,
Horizon has established a strong reputation for delivering
best-in-class customer service, creating a brand name known for
consistent quality. To learn more about Horizon, please visit
www.haf.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
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SOURCE ICV Partners