The third party logistics providers (3PLs) Worldwide Express LLC and GlobalTranz Enterprises LLC are continuing with their plans to merge through an acquisition of both firms by a consortium of private equity investors.
First announced in June, the deal was led by Ridgemont Equity Partners, CVC Capital Partners, Providence Equity Partners, PSG, and the management teams of both Worldwide Express and GlobalTranz. Terms of the deal were not disclosed.
The merger marks the latest step in a consolidation of several non-asset based 3PLs in the sector. In 2015, Ridgemont invested in Unishippers Global Logistics and subsequently led a transaction in 2017 to merge Unishippers into Worldwide Express, creating a provider of logistics services to small-and-medium sized shippers.
In other moves, GlobalTranz was acquired in 2018 by private equity firm The Jordan Co., which subsequently sold the 3PL in 2019 back to its previous owner, Providence Equity Partners LLC.
Now, the combined companies say they will have offerings in parcel, less-than-truckload (LTL, full truckload, and managed transportation. They will continue to go to market both directly and indirectly via franchisees and independent freight agents, serving customers spanning from small and medium sized businesses to larger enterprises.
Gartner, Inc.