Freight broker GlobalTranz Enterprises Inc. said yesterday that it has been sold to private equity firm The Jordan Company LP (TJC). The sale price was around $400 million, two sources said.
Phoenix-based GlobalTranz was sold by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners LLC; Susquehanna Growth Equity LLC; Volition Capital; Savano Capital Partners; and other investors. The transaction is expected to close within 45 days, GlobalTranz said yesterday.
New York-based Jordan already owns several transportation and logistics companies. "GlobalTranz is a very strong fit with our existing portfolio (of) companies, and we expect to leverage our experience in the logistics space to help management continue to grow the business," said Brian Higgins, senior partner at Jordan.
GlobalTranz has more than 25,000 shippers and works with more than 34,000 truckers, the company said.