Warburg Pincus is exiting Coyote Logistics after an eight-year hold.
On Friday, UPS said it has agreed to acquire Coyote Logistics for $1.8 billion. The deal is expected to be completed within 30 days.
Founded in 2006, Chicago-based Coyote is a truckload freight brokerage company. It arranges freight shipments for more than 6,000 loads per day and works with more than 35,000 trucking companies. Coyote reported $2.1 billion in annual revenue last year. CEO Jeff Silver will continue to lead Coyote after it becomes a UPS subsidiary, the statement said.
Warburg Pincus first invested in Coyote in 2007. It’s unclear exactly how much the firm owns. Earlier this year, Coyote reportedly paid out a $200 million dividend to its shareholders, the Wall Street Journal reported in March.
BofA Merrill Lynch and UBS provided financial advice to UPS on the transaction while Goldman Sachs served as lead financial advisor to Coyote. Credit Suisse, Morgan Stanley and Wells Fargo Securities also acted as advisors to Coyote.
Kirkland & Ellis LLP advised Warburg Pincus.
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