The Jordan Company-backed American Fast Freight Inc has acquired Chicago-based Grand Worldwide Logistics, a warehouse and third-party logistics company. No financial terms were disclosed.
FIFE, Wash., July 6, 2017 /PRNewswire/ — American Fast Freight, Inc. (“AFF”), the largest U.S. domestic ocean freight forwarder specializing in less-than-container-load freight shipments, today announced that it had acquired Grand Worldwide Logistics (“GWW” or the “Company”). AFF is currently owned by The Resolute Fund II, L.P., a private equity fund managed by The Jordan Company, L.P., and AFF’s management team.
Headquartered in Chicago, Illinois, GWW is a leading warehouse and third-party logistics company serving the beverage/spirits, food and paper industries, among others.
The purchase of GWW expands AFF’s global logistics platform by adding blue chip customers, a talented management team, more than two million square feet of warehouse space, and over 150 rail spots.
Dave Schulman, President of GWW, will continue to have an advisory role and has re-invested a significant portion of his sale proceeds into AFF.
“We are extremely excited to have GWW as part of the AFF family of companies,” said AFF, Inc. President and CEO, Kevin Kelly. “In 2015, we expanded our reach into the Caribbean market with the addition of Caribbean Shipping Services. Last year’s acquisition of Global Transportation Services expanded services beyond our primary Jones Act markets of Alaska, Hawaii, Guam, and Puerto Rico. The addition of GWW complements our global logistics platform and will provide many service benefits to current and new customers.”
“With the many synergies we share, we will be able to provide new service offerings and value to the customers of both companies,” said Dave Schulman. “We could not have chosen a better partner for our succession plan.”
Mayer Brown LLP served as legal counsel to The Jordan Company, and L.P. Billow Butler & Company, LLC served as the financial advisor to the seller.
About American Fast Freight, Inc.
AFF (www.americanfast.com) is a transportation and logistics company headquartered in Fife, Washington. AFF and its affiliated companies provide a wide range of ocean freight forwarding of dry and temperature control goods, trucking, project logistics and warehousing-distribution services. The core business is ocean freight consolidating and forwarding, historically specializing in the domestic Jones Act markets of Alaska, Hawaii, Guam and Puerto Rico.