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FitzMark Sells Majority Interest To Private Equity Firm

FreightWaves
·2 min read

FitzMark announced the completion of a majority recapitalization with Calera Capital, in which the private equity firm has acquired a majority interest.

Terms of the deal were not disclosed.

The Indianapolis-based third-party logistics provider has been very active acquiring brokerage shops in recent months, suggesting the proceeds from the recapitalization will likely be earmarked for future acquisitions.

Earlier this month, FirstMark announced the acquisition of Fetch Logistics, its third acquisition of 2020 and the fourth in the past two years. That deal expanded the company to five brokerage offices, 225 employees and consolidated annual revenue of approximately $300 million.

"We are excited to be partnering with Calera Capital in the next chapter of our evolution," said FitzMark founder and CEO Scott Fitzgerald. "We expect to continue to grow the operations and drive our successful acquisition strategy, while preserving the service intensity, customer focus and entrepreneurialism that has driven our historical success."

In October, FitzMark acquired Omaha, Nebraska-based Manning's Truck Brokerage, and in March it added Chattanooga, Tennessee-based 3PL Logistics Made Simple to the roster. FitzMark acquired Reliable Source Logistics in 2019.

"FitzMark has a long and successful track record of providing high levels of service to shippers and carriers alike with a talented and dedicated employee base, deep network capacity, and robust fit-for-purpose technology," said Calera Capital Managing Director James Halow. "We are excited to be partnering with Scott and his team to leverage those capabilities as FitzMark builds the business both organically and through targeted acquisitions that fit the model and culture."

Calera Capital is a middle-market private equity firm, focusing on business services and specialty industrials, which includes the 3PL space.

Founded in 2006, FitzMark is a tech-enabled national 3PL and provider of transportation management system products to more than 2,000 shippers and 25,000 carriers. The company focuses on brokerage and logistics for the truckload, flatbed, refrigerated and less-than-truckload markets.

Click for more FreightWaves articles by Todd Maiden.

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