Platinum Equity said Monday it agreed to sell Bridge Terminal Transport Services Inc. to XPO Logistics Inc. Financial terms weren’t announced. Charlotte, North Carolina-based Bridge Transport is a marine drayage company. Platinum acquired Bridge Transport in September 2013.
LOS ANGELES, CA–(Marketwired – May 04, 2015) – Platinum Equity today announced it has signed a definitive agreement to sell Bridge Terminal Transport Services, Inc. (“BTT”) to XPO Logistics, Inc.
BTT, based in Charlotte, NC, is one of the largest pure-play asset-light drayage providers and a leader in international and domestic transportation solutions at major port locations and inland rail sites throughout the United States. It operates through a network of 28 terminals, 27 container yards and approximately 1,300 independent owner-operators.
“Our stewardship of BTT demonstrates the value of Platinum Equity’s operationally-focused approach and our continued ability to create value in the lower middle market,” said Platinum Equity Partner Bob Wymbs, who oversees the M&A team focused on lower middle market acquisitions. “The success of BTT is also a testament to our strength in corporate carve outs, creating divestiture solutions for sellers in need and then working with management teams to operate those businesses successfully.”
Platinum Equity acquired BTT from Maersk Inc., a subsidiary of the A.P. Moller-Maersk Group, in September 2013.
“The success of BTT during our ownership reflects the hard work of many dedicated BTT employees and the strong leadership abilities of Hans Stig Moller and the company’s management team,” said Mr. Wymbs. “Today the company is well positioned for continued success as part of XPO.”
Mr. Wymbs noted that Platinum Equity is actively pursuing new investment opportunities in the lower middle market, in transportation and logistics and many other industries as well.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with more than $6 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. In 2014, Platinum Equity portfolio companies generated more than $17 billion in revenue. Platinum Equity specializes in mergers, acquisitions and operations — a trademarked strategy it calls M&A&O® — acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years Platinum Equity has completed more than 150 acquisitions.