The deal coincides with the global logistics provider crossing the $1 billion gross revenue threshold for the first time in its history
ITASCA, Ill., March 17, 2021 /PRNewswire/ -- After reporting $1.2 billion in gross revenue for 2020, global freight forwarding leader AIT Worldwide Logistics has agreed to recapitalize with New York City-based middle-market financial firm The Jordan Company, L.P. (TJC). The transaction, expected to be finalized at the end of March, marks the culmination of AIT's partnership with private equity group Quad-C Management, Inc. (Quad-C), which is selling its full stake in AIT to TJC.
According to Vaughn Moore, AIT's president and CEO, the recapitalization will support the next phase of the company's strategic growth plan.
"In the midst of a global pandemic, our teammates have overcome unprecedented challenges to deliver incredible results. Thanks to their performance, new options have opened up for the organization to continue striving towards our vision of becoming the global logistics provider respected for delivering a world-class experience," he said. "TJC has proven success partnering with companies in our industry, and their international expertise will provide a distinct advantage for sustained organic growth and future acquisitions around the world."
In three-and-a-half years of partnership with Quad-C, AIT's gross revenue more than doubled and the company launched new vertical market solutions for the automotive, e-Commerce, healthcare and industrial manufacturing industries. AIT's eleven company acquisitions since 2017 have increased its sales capacity, expanded AIT's global footprint, provided the organization with technical resources for strategic sectors and strengthened its core services.
"Quad-C has supported our organization on every step of the journey since 2017," Moore said. "They have been a wonderful partner and we're incredibly thankful for their substantial contribution that helped achieve AIT's growth objectives."
"We have had a terrific partnership with the AIT management and teammates," said Tom Hickey, partner at Quad-C. "The AIT team set forth a comprehensive growth strategy and executed on it, building the business to more than $1.2 billion of revenues and completing eleven acquisitions along the way. We are proud to have been AIT's partners over this period, and look forward to seeing the company's continued success with its new partner, TJC."
With TJC as its new financial partner, AIT will continue to pursue a strategic growth plan with an emphasis on global expansion both organically and via carefully targeted acquisitions that enhance support for customer supply chains.
"We are excited that AIT's leadership selected TJC as their partner in this recapitalization," said Brian Higgins, head of TJC's logistics and supply chain vertical. "We strongly believe in the team's vision for continued growth in core freight forwarding services, as well as specialized supply chain solutions with an emphasis on trade between Asia, Europe and North America—all with a continued focus on their customers' needs."
The transaction is expected to close at the end of the first quarter, subject to customary closing conditions and completion of review under antitrust laws, including the Hart-Scott-Rodino Antitrust Improvements of 1976. Harris Williams LLC served as financial advisor and White & Case LLP served as legal counsel to AIT. Jefferies LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to TJC.
Additional terms of AIT's recapitalization with TJC have not been disclosed.
About AIT Worldwide Logistics
AIT Worldwide Logistics is a global freight forwarder that helps its customers grow by expanding access to markets all over the world where they can sell and/or procure raw materials, components and finished goods. For more than 40 years, the Chicago-based supply chain solutions leader has relied on a consultative approach to build a global network and trusted partnerships in nearly every industry, including aerospace, automotive, consumer retail, food, government, healthcare, high-tech, industrial and life sciences. Backed by scalable, user-friendly technology, AIT's flexible business model customizes door-to-door deliveries via sea, air, ground and rail—on time and on budget. With expert teammates staffing more than 85 worldwide locations in Asia, Europe and North America, AIT's full-service options also include customs clearance, warehouse management and white glove services. Learn more at www.aitworldwide.com.
At AIT, we vigorously seek opportunities to earn our customers' trust by delivering exceptional worldwide logistics solutions while passionately valuing our co-workers, partners and communities.
About The Jordan Company, L.P.
TJC, founded in 1982, is a middle–market private equity firm that has managed funds with original capital commitments in excess of $14 billion since 1987 and a 39–year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Industrials, Transportation & Logistics, Healthcare & Consumer, and Telecom, Technology & Utility. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has an office in Chicago. For more information, please visit www.thejordancompany.com.
About Quad-C Management
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in well-established business and consumer services, healthcare, industrials specialty distribution, and transportation / logistics companies. In its three-decade history, Quad-C has invested over $3 billion of capital in more than 70 platform companies. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. Learn more about Quad-C at www.quadcmanagement.com.
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SOURCE AIT Worldwide Logistics