WESTLAKE, Ohio and NEW YORK, March 6, 2017 /PRNewswire/ -- CI Capital Partners ("CI Capital"), a New York-based private equity firm, and Simplified Logistics ("Simplified"), an Ohio-based third-party logistics ("3PL") provider with a focus on less-than-truckload ("LTL") transportation management services, announced today that an affiliate of CI Capital has acquired a majority interest in Simplified. The management team of Simplified will retain a significant equity ownership in the company. Terms of the transactions were not disclosed.
Simplified helps its diverse customer base manage their transportation needs by leveraging Simplified's experience, carrier relationships, scale and proprietary technology platform. Simplified also provides each customer with a custom solution, with the goal of reducing freight expenses and improving service.
CI Capital is acquiring Simplified in partnership with Mark Yeager, an experienced logistics executive who most recently served as the President and Chief Operating Officer of Hub Group (HUBG), a leading transportation management company offering intermodal, brokerage and logistics services. Mr. Yeager will serve as Chief Executive Officer of Simplified and make an equity investment in the company. Mr. Yeager will join the board of Simplified along with co-founders Dave Klugman, Bob Maisch and Sam Avampato, as well as Jack Holmes, former President of UPS Freight (UPS) and James Down, former Head of Mercer Management Consulting.
Mr. Yeager said, "The Simplified management team has built a strong position in the LTL freight sector. We see an attractive opportunity to build Simplified into a large scale, full-service 3PL provider both organically and through strategic add-on acquisitions."
"We have remained interested in the logistics sector and have been searching for the right opportunity to acquire a third-party logistics platform company," said Joost Thesseling, Managing Director at CI Capital. "We are very impressed with the Simplified management team and the business that they have built. We are grateful for the opportunity to form this partnership and look forward to working with the management team and Mark Yeager."
Sam Avampato, President of Simplified Logistics, added, "We believe there is an opportunity for Simplified to expand its focus beyond LTL transportation management services. CI Capital and Mark Yeager's deep experience in logistics will help us pursue and achieve this goal."
"We are thrilled to form this partnership with CI Capital, whose history of supporting management teams to build businesses through add-on acquisitions and other growth initiatives made them an ideal partner to support Simplified in its next phase of growth," said Mr. Klugman.
About Simplified Logistics
Simplified Logistics is a leading North American provider of transportation management services. Simplified's comprehensive service offering includes logistics consulting, transportation management, customer reporting and freight audit and payment services. Simplified was founded in 2003 and is based in Westlake, OH. For more information, please visit www.simplifiedlogistics.com.
About CI Capital Partners
CI Capital Partners LLC, a leading North American private equity investment firm with approximately $2.2 billion in assets under management, has been investing in middle-market companies since 1993. Since inception, CI Capital and its portfolio companies have made over 220 acquisitions representing approximately $8 billion in enterprise value. CI Capital's existing portfolio consists of companies that collectively generate annual revenue of over $3 billion and annual EBITDA of over $350 million and employ over 13,000 people. For more information, please visit www.cicapllc.com.
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