Sunteck Transport Group, a portfolio company of Comvest Partners, has merged with TTS LLC. No financial terms were disclosed. The newly combined entity will operate under the name SunteckTTS. Sunteck’s CEO Ken Forster has been tapped as president and CEO of SunteckTTS while Andy Cole, president and CEO of TTS, will be chairman of the board. Harris Williams & Co and McDermott Will & Emery advised Sunteck while Stifel and McAfee & Taft advised TTS. Based in Dallas, Texas and Jacksonville, Florida, SunteckTTS is a freight management service provider.
West Palm Beach, FL, December 20, 2016 – Comvest Partners is pleased to announce the completion of the merger between Sunteck Transport Group (“Sunteck”) and TTS, LLC (“TTS”). Going forward, the company will operate under the name SunteckTTS (the “Company”). The Company will be one of the largest multimodal, agent-based freight management service providers in the U.S., approaching $1 billion in gross revenue, and managing more than 700,000 intermodal, truckload and less-than-truckload shipments annually. Ken Forster, the current CEO of Sunteck, will serve as the President and CEO of SunteckTTS, and Andy Cole, the current President and CEO of TTS, will serve as Chairman of the Board.
“The merged companies reflect an increased level of commitment to our agent business model, enhancing the level of innovative, customized solutions for the shipper community. The resulting company and our agents will be well-positioned to lead the industry in serving shippers facing an increasingly complex regulatory, technological, and economic environment,” said Ken Forster.
“We’re very excited about the future prospects for SunteckTTS,” said Roger Marrero, Managing Partner at Comvest Partners. “Sunteck and TTS have complimentary service offerings that will enable growth and create an even more attractive agent-based platform. SunteckTTS is now the second largest agent-based platform in the market with a compelling multi-mode offering and attractive agent economics that we believe will not only drive accelerated growth for our existing agents but also attract new agents to the Company.”
Sunteck was advised by Harris Williams & Co. and McDermott Will & Emery. TTS was advised by Stifel and McAfee & Taft. Financing was provided by Citizens Bank, N.A., Bank of America Merrill Lynch and WhiteHorse Capital.
With offices in Dallas, TX and Jacksonville, FL, SunteckTTS combines two third-party providers of transportation and logistics management services to create one of the largest multimodal, agent-based freight management service providers in the United States. The Company provides direct rail and intermodal drayage, less-than-truckload, truckload brokerage services, more than 30,000 carriers and a fleet of over 2,000 trucks. SunteckTTS agents service a wide range of markets including food, oil, automotive, electronics, textiles, lumber, paper/printing products, and machinery across North America.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $2.4 billion in over 140 companies. Today, Comvest’s funds have $2.3 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit www.comvest.com.