Redwood Logistics, Strive Logistics partner to expand offerings in transportation market.
BANKING AND CREDIT NEWS-February 14, 2019-Redwood Logistics, Strive Logistics partner to expand offerings in transportation market
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CI Capital Partners-backed logistics company Redwood Logistics has announced it is acquiring Chicago-based third-party logistics provider Strive Logistics to create a technology focused, high growth industry leader that a truck broker and multimodal logistics provider with over USD 1.0bn in freight under management, the company said.
Terms of the transaction were not disclosed.
Combining Strive's freight management and multimodal brokerage capabilities, proprietary LoadRunner Transportation Management System, and excellence in process automation with Redwood's scale, integrated model, enterprise sales team, and best-in-class transportation execution creates an innovative, full-service logistics offering for the transportation marketplace.
The combined company will operate under the Redwood brand.
Redwood Logistics provides solutions for moving and managing freight, and sharing its knowledge across North America. Redwood Logistics is focused on making its customers more successful in their end markets by applying talented and motivated people, proven processes and cutting-edge technologies to optimize their supply chain management efforts.
Strive, is a provider of non-asset multimodal third party logistics solutions with offices in Chicago, Illinois and Austin, Texas.
CI Capital Partners LLC is a North American private equity investment firm that has invested in middle-market companies since 1993. Since inception, CI Capital and its portfolio companies have made over 315 acquisitions representing approximately USD 10bn in enterprise value.
Paul, Weiss, Rikind, Wharton and Garrison LLP advised Redwood on the transaction, and Strive was advised by Republic Partners and Nixon Peabody LLP.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Feb 14, 2019|
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