PHOENIX, April 03, 2019 (GLOBE NEWSWIRE) — GlobalTranz Enterprises, Inc., a leading technology-driven third-party logistics (3PL) solutions provider, today announced that it has selected funds advised by Providence Equity Partners L.L.C. and its affiliates (Providence) as its new equity partner. Providence has signed a definitive agreement to acquire 100 percent of GlobalTranz from The Jordan Company, L.P. (TJC). The transaction is expected to close within 60 days.
“The team at GlobalTranz has built a technology-driven, market-leading logistics platform that has delivered strong value and growth. The company is poised for continued success and we are excited to be part of the next stage of the company’s evolution,” said David Phillips, Managing Director, Providence. “GlobalTranz is a very strong fit with our model, and we expect to leverage our relationships and resources to help management continue to grow the business.”
“I am excited to have Providence as our new owner, with their impressive track record of expanding B2B tech-enabled services businesses across multiple sub-sectors and geographies,” said Renee Krug, CEO of GlobalTranz. “I would like to thank The Jordan Company for their support, guidance and governance. TJC’s sector experience facilitated accelerated growth both organically and via acquisitions. We are pleased to provide a successful exit for TJC while concurrently positioning the company well for the next steps in its journey.”
Ranked the 10th largest freight brokerage in the US by Transport Topics and voted an Inbound Logistics Top 10 3PL provider for 2018, GlobalTranz is driving strong growth with 25,000+ customers through technology innovation, a network of 34,000+ carriers, transformative M&A, creative products and superior customer service delivered by the some of best people in the industry.
“Our new partnership with Providence will allow us to continue our pattern of strong growth both organically and through strategic acquisitions,” said Bob Farrell, executive chairman of GlobalTranz. “With Providence’s support, we expect to build upon our unique success through ongoing technology innovation and the deployment of logistics solutions that address ever-increasing shipper sophistication.”
GlobalTranz was advised by Harris Williams & Co. and Kirkland & Ellis LLP. Providence was advised by Weil, Gotshal & Manges.
For more information, visit https://www.globaltranz.com/ and follow us on LinkedIn and Twitter @globaltranz.
GlobalTranz is a technology company providing award-winning cloud-based multi-modal Transportation Management System (TMS) products to shippers, carriers, 3PLs and brokers. GlobalTranz is leading the logistics software and services market in innovative technology that optimizes the efficiency of freight movement and matches shipper demand and carrier capacity in real-time. Leveraging its extensive independent agent network, GlobalTranz has emerged as a fast-growing market leader with a customer base of over 1 million product users and 25,000 shippers. In 2018, Transport Topics named GlobalTranz a Top 10 largest freight brokerage firm in the U.S.
About Providence Equity Partners
Providence is a premier global asset management firm with approximately $40 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com.