Freight forwarder AIT Worldwide Logistics has gained a new partial owner, announcing today that private equity group Quad-C Management Inc. has agreed to sell its stake in the firm to The Jordan Co.
Privately owned AIT did not disclose the terms of the deal or the ownership portion that was exchanged. But in a statement, Quad-C said that AIT President and CEO Vaughn Moore and his senior team will continue to lead the business and will remain “significant investors” in AIT.
Since acquiring its stake in the firm in 2017, Charlottesville, Virginia-based Quad-C helped Itasca, Illinois-based AIT to make 11 acquisitions in moves that expanded its global footprint, increased its sales capacity, provided technical resources for strategic sectors, and strengthened its core services, AIT said. Those deals also helped push AIT to report $1.2 billion in gross revenue for 2020, crossing the $1 billion threshold for the first time.
In switching to financial backing from The Jordan Co., AIT gains a partner with a busy record in the logistics sector. In 2020, New York-based Jordan sold its majority stake in the 3PL Capstone Logistics LLC to another private equity firm, and in 2018, the firm acquired freight brokerage Load Delivered Logistics, logistics IT provider Logistical Labs, and broker GlobalTranz Enterprises, before selling GlobalTranz back to its previous owner a year later.
With TJC as its new financial partner, AIT says it will now continue to pursue a strategic growth plan with an emphasis on global expansion both organically and through acquisitions that enhance support for customer supply chains.
"We are excited that AIT's leadership selected TJC as their partner in this recapitalization," Brian Higgins, head of TJC's logistics and supply chain vertical, said in a release. "We strongly believe in the team's vision for continued growth in core freight forwarding services, as well as specialized supply chain solutions with an emphasis on trade between Asia, Europe and North America—all with a continued focus on their customers' needs."
The transaction is expected to close at the end of the first quarter, subject to customary closing conditions and antitrust review.