Keen Transport Inc., the Pennsylvania-based logistics and transportation services provider for heavy equipment businesses, has been acquired by Platinum Equity. Specifics of the deal were not disclosed; M&T Investment Banking Group was the adviser to the Keen family for the deal.
BALTIMORE – January 3, 2012 – Los Angeles-based private equity firm Platinum Equity has acquired Carlisle, Pa.-headquartered Keen Transport, Inc., a national provider of heavy-haul logistics and transportation services for the construction, mining and agriculture equipment markets. Keen Transport has been owned by the Keen family for 43 years.
M&T Investment Banking Group, a division of M&T Bank, represented Keen on the deal. Neither party has chosen to disclose the terms of the transaction.
“We’ve had a longstanding relationship with M&T Bank, so it was a natural fit to work with their investment banking team. As we considered our investment banking choices, M&T’s deep understanding of our business was apparent and made us confident that they could effectively communicate our value proposition to the marketplace,” said Keen Transport’s Bill Keen.
“We thought Platinum Equity would be a great fit for Keen Transport due to Platinum’s experience and investments in the transportation and logistics sector,” said Stuart Smith, managing director in M&T Bank’s Investment Banking Group. “We do a great deal of work with family owned businesses that attract private equity investors. Our knowledge of the Keens’ strategy as well as Platinum Equity’s interests made this an attractive deal for both sides.”
“When Keen Transport needed a bank to manage this deal, they came to M&T because of our experience advising and representing middle-market companies,” said Michael Murchie, regional president for M&T Bank in Harrisburg, Pa.
Buffalo-based M&T Bank operates retail and commercial bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, New Jersey, Delaware, Florida, the District of Columbia and Ontario, Canada. M&T Investment Banking Group, a division of M&T Bank, is based in Baltimore. More information is at http://bit.ly/ngQ5Gw.