Freight broker and third party logistics provider (3PL) GlobalTranz Enterprises Inc. has changed hands for the second time in a year, as Providence Equity Partners LLC purchased GlobalTranz from The Jordan Company L.P., the firm said today.
The move comes just eight months after Providence and a consortium of other investors sold Phoenix, Ariz.-based GlobalTranz to Jordan. Terms of both deals have not been disclosed.
Rhode Island-based Providence has now signed an agreement to acquire 100 percent of GlobalTranz from The Jordan Company in a deal that is expected to close within 60 days. "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," GlobalTranz CEO Renee Krug said in a release.
Backed by the new ownership, GlobalTranz said it plans to continue investing in technology products, organic revenue growth, and strategic acquisitions. The firm has been on an acquisition tear in recent months, buying up nine firms in the logistics sector since January 2017, including its purchase just yesterday of third-party multimodal transportation and logistics services provider Circle 8 Logistics.
"The team at GlobalTranz has built a technology-driven, market-leading logistics platform that has delivered strong value and growth," Providence Managing Director David Phillips said in a release. "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."