Worldwide Express and GlobalTranz to Join Forces
DALLAS and PHOENIX, June 11, 2021 (GLOBE NEWSWIRE) -- Worldwide Express, LLC and GlobalTranz Enterprises, LLC, both leading non-asset providers of technology-driven third-party logistics solutions, today announced that the companies will combine. The transaction is sponsored by a consortium led by CVC Capital Partners as well as GlobalTranz’s current lead investors, Providence Equity Partners and PSG. Current Worldwide Express lead investor Ridgemont Equity Partners, along with both Worldwide Express and GlobalTranz management, will also retain a significant stake in the combined entity. Tom Madine, CEO of Worldwide Express, will lead the combined company as CEO and Bob Farrell, CEO of GlobalTranz, will serve as a member of the board of directors. The transaction is expected to close during the third quarter of 2021.
Reflecting the complementary strengths of the two businesses, the combined company will have market-leading offerings in parcel, less-than-truckload (LTL), full truckload (FTL) and managed transportation delivered through proprietary technology. It will continue to go to market both directly and indirectly (via franchisees and independent freight agents) and to serve a customer landscape that spans from small and medium-sized businesses (SMBs) to larger enterprises. The combined company will also have unique data assets and business intelligence capabilities to provide its customers with visibility and analytics to deliver competitive advantage.
“I am excited to combine Worldwide Express and GlobalTranz,” said Tom Madine. “The opportunities for growth by combining our resources will dramatically increase our ability to drive technology, further strengthen our carrier partnerships and allow us to provide a deeper offering to our customers. The opportunities for our employees, franchisees and independent agents are now greatly expanded. I tremendously appreciate the strong partnership we have had with Ridgemont and am excited to work with CVC and Providence as we continue to build Worldwide Express into a much larger business.”
“The combination of Worldwide Express and GlobalTranz brings together two companies that have distinguished themselves with innovative logistics solutions and technology,” said Cameron Breitner, Managing Partner at CVC. “Both companies have developed leading positions across multiple sales channels, strong carrier partnerships and superior customer service. The CVC Funds’ investment will help underpin this exciting combination, and we expect to leverage our relationships and resources to help management continue to grow the business.”
“The combination of GlobalTranz with Worldwide Express is an exciting next step in the evolution of our company,” said Bob Farrell. “This merger allows GlobalTranz’s strong technology to be combined with expanded modal capabilities that both our direct resources and independent freight agents can leverage for accelerated growth through deeper, more strategic customer solutions. This transaction will provide new and exciting opportunities for the team at GlobalTranz.”
“Together, GlobalTranz and Worldwide Express will offer a logistics platform poised for continued success with expanded scale, product offerings and sales channels,” said David Phillips, Senior Managing Director at Providence. “We are excited to continue our strong partnership with the GlobalTranz team and to be a part of the combined company’s next phase of growth.”
“Worldwide Express has achieved remarkable growth over the last several years and is uniquely positioned in the third-party logistics market,” said Rob Edwards, Managing Partner at Ridgemont. “We are thrilled to continue our partnership with Tom Madine and the expanded team and look forward to joining forces with GlobalTranz and this experienced investor group.”
Fidus Partners, William Blair, and Jefferies LLC advised the consortium on the transaction. Dechert LLP, Weil, Gotshal & Manges LLP, and Kirkland & Ellis LLP acted as counsel for CVC, Providence, and Ridgemont respectively. Harris Williams and J.P. Morgan advised Worldwide Express.
About Worldwide Express
Worldwide Express, LLC is a full-service, non-asset-based logistics provider offering more than 92,000 customers access to industry-leading small package, truckload and less-than-truckload shipping solutions around the world. With an annual systemwide revenue approaching $2 billion through a network of company-owned and franchise locations, Worldwide Express, combined with Unishippers Global Logistics, LLC, is the second-largest privately held freight brokerage company in the country. As the largest authorized UPS® non-retail reseller in the US, the company is a local partner for the global supply chains of small- to medium-sized businesses nationwide. This, coupled with a selective portfolio of 65+ LTL and tens of thousands of truckload carriers, provides clients with an unmatched range of options and flexibility to meet their shipping needs. To learn more about the brands, please visit www.wwex.com and www.unishippers.com.
GlobalTranz is a full-service third-party logistics provider, bringing award-winning customer service, exceptional industry expertise and market-leading technology to shippers, carriers, and logistics service providers. GlobalTranz’s people-powered approach combined with comprehensive, relationship-driven support provides shippers of all sizes with fast and reliable, multi-modal transportation services as well as strategic supply chain solutions – enabling them to optimize efficiency and deliver on business goals. Leveraging its extensive independent agent network, GlobalTranz has emerged as a fast-growing market leader with a customer base of over 1 million product users and 25,000 shippers.
About CVC Capital Partners
CVC is a leading private equity and investment advisory firm with a network of 23 offices throughout Europe, Asia and the US, with approximately US$118 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$160 billion from some of the world’s leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in over 90 companies worldwide, which have combined annual sales of approximately US$100 billion and employ more than 450,000 people. For further information about CVC please visit: www.cvc.com
About Providence Equity Partners
Providence Equity Partners is a premier global private equity firm with approximately $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in over 170 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.
PSG is a growth equity firm that partners with middle-market software and technology enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 300 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. https://www.psgequity.com
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65 billion of committed capital. www.ridgemontep.com