Quad-C Management Inc said Jan. 17 that it agreed to sell Worldwide Express to Ridgemont Equity Partners. Financial terms weren’t announced. Worldwide Express, of Dallas, provides asset-light logistics services, including small parcel shipping, less-than-truckload and full truckload freight brokerage services. Fidus Partners and Harris Williams & Co provided financial advice while White & Case LLP acted as legal adviser to Quad-C and Worldwide Express.
Charlottesville, VA. January 17, 2017 – Quad-C Management, Inc. (“Quad-C”), a leading middle market private equity firm, today announced it has signed a definitive agreement to sell Worldwide Express (“Worldwide” or the “Company”), one of the leaders in less-than-truckload (LTL) and full truckload brokerage and one of two licensed resellers of UPS light parcel services, to Ridgemont Equity Partners. Terms of the transaction were not disclosed.
Quad-C acquired Worldwide Express in 2013 in partnership with the Company’s management team. Since that time, Worldwide has grown significantly, both organically and through the consolidation of its franchise network. Including the pending acquisition of a large franchise group, the Company will have completed 23 acquisitions over the last two years, rolling-up approximately 70% of its franchise base. The Company now operates a nationwide direct network of sales and operations personnel servicing the freight and parcel shipping needs of small-to-medium-sized businesses. Current Executive Chairman and Founder of Worldwide Express David R. Kiger will continue to serve on the board of directors and will remain a shareholder of the Company.
“During our partnership with Quad-C, Worldwide Express has achieved a tremendous amount of growth organically and through our consolidation of the franchise network, more than quadrupling EBITDA,” said Tom Madine, Chief Executive Officer of Worldwide Express. “Quad-C helped us plan for this growth as we put in place the resources we needed to establish a nationwide direct presence in freight brokerage. We have sincerely valued the collaboration with the Quad-C team, thank them for their support and wish them continued success in the transportation and logistics sector.”
“We have truly enjoyed our partnership with Tom Madine and the entire team at Worldwide Express,” said Tom Hickey, a Partner at Quad-C. “Worldwide Express has transformed itself from a franchise organization to a direct operating company and a leader in the U.S. freight brokerage industry. Worldwide’s management team has made significant investments in senior leadership, IT, sales and operations and is currently poised for great success. Quad-C is proud to have been involved in this phase of the Company’s history and we wish Worldwide and its talented team all the best for the future.”
“Quad-C is very excited to have helped the Worldwide team achieve its objectives over our investment period,” said Michael Brooks, a Principal at Quad-C. “The Company grew rapidly while preserving the strong sales culture and product offering that are its foundation.”
Fidus Partners and Harris Williams & Co. acted as financial advisers and White & Case LLP acted as legal adviser to Quad-C and Worldwide Express in connection with the transaction.
About Worldwide Express
Worldwide Express serves small-to-medium-sized businesses by providing various asset-light logistics services, including small parcel shipping, less-than-truckload and full truckload freight brokerage services. Worldwide Express is based out of Dallas, Texas, with more than 150 offices across the United States including in major cities such as New York City, Los Angeles, Chicago, Houston, Philadelphia, Phoenix, San Diego, and Miami. For more information, please visit www.wwex.com.
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in well-established business services, consumer, general industrial, healthcare, specialty distribution and transportation and logistics companies. In its 25-year history, Quad-C has invested over $2 billion of equity across more than 50 companies. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value.www.quadcmanagement.com