DALLAS, Dec. 10, 2019 /PRNewswire/ -- MODE Transportation ("MODE" or the "Company") announced today that it has completed the acquisition of SunteckTTS Inc. ("SunteckTTS"). The two companies are leading multimodal third-party transportation and logistics providers that combined will facilitate more than 1.5 million annual customer shipments and generate over $2 billion of revenue.
The combined Company will offer a broad range of capabilities across all major modes of transportation including truckload, less-than-truckload, rail intermodal, drayage, air, ocean and parcel freight. The Company will leverage its increased scale and resources to continue investing in technology and innovation for the benefit of its agent, shipper, and carrier communities.
"MODE and SunteckTTS together will create one of the strongest and most customer-focused multimodal 3PLs in the industry," said Jim Damman, CEO of MODE Transportation. "We are excited to leverage our combined talent and expertise to bring an enhanced suite of capabilities and creative solutions to our customers, agents and carriers."
"Since the announcement of the combination of MODE and SunteckTTS, we have received overwhelmingly positive feedback from our employees, agents, carrier partners and shippers. We are excited about our new team and capabilities and look forward to integrating our platforms and gaining the benefits of this industry changing transaction," said Ken Forster, President and COO of MODE Transportation (formerly CEO of SunteckTTS).
MODE is a privately held portfolio company of funds affiliated with York Capital Management. MODE received legal advice from Kirkland & Ellis, LLP. SunteckTTS is a portfolio company of funds affiliated with Comvest Partners, who will continue to own an interest in the company following the completion of the transaction. SunteckTTS was advised by Piper Jaffray and McDermott Will & Emery.
About MODE Transportation
Founded in 1989, MODE Transportation is a leading North American third-party transportation and logistics company. MODE serves more than 3,500 customers across a diverse set of end markets and modes of transportation. MODE has relationships with over 35,000 carriers and operates from over 100 offices throughout North America. The Company is headquartered in Dallas, TX.
About York Capital
York Capital Management is a global private investment firm that was established in 1991. The firm manages approximately $18 billion in assets across public and private investment strategies, including its private equity platform, the York Special Opportunities Fund. York Capital employs approximately 60 investment professionals and 200 total employees globally, primarily in New York, London and Hong Kong.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $4.7 billion. Today, Comvest's funds have over $3.7 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance.
For more information about MODE Transportation, visit www.modetransportation.com.
SOURCE MODE Transportation