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Second acquisition within a month creates a top-15 US truck broker and multimodal logistics provider with over $1bn in freight under management.
Ambitious US truck broker and multimodal logistics provider Redwood Logistics is acquiring fellow US freight management and brokerage firm Strive Logistics – its second acquisition within a month.
The combination creates “a technology-focused, high growth industry leader that is both a top-15 truck broker and an emerging multimodal logistics provider with over $1 billion in freight under management”, Redwood said, although it declined to disclose the terms of the transaction. Strive, which was founded in 1995, is a provider of non-asset multimodal third-party logistics solutions with offices in Chicago, Illinois and Austin, Texas.
“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,” added Redwood – which is owned by company management and private equity investment firm CI Capital Partners.
Mark Yeager, CEO of Redwood said: “Strive has made significant investments in both its people and its proprietary technology, and we are very excited to welcome the Strive team and its technology to the Redwood family. We see this as a major step in establishing Redwood as an industry leader and a transformative force in the marketplace.”
Redwood president Todd Berger commented: “We are focused on bringing next generation, tech-driven solutions so that our customers can continue to realize cost savings and efficiencies and achieve their shipping goals. Strive’s high-calibre team, blue-chip customer base, focus on technology, geographic reach, and the clear similarities in how we work to serve our customers make Strive the perfect merger candidate.”
The combined company will operate under the Redwood brand, and Strive CEO Ben Greene, president Jon Provus, and the rest of Strive’s management team will be joining the Redwood organization.
Strive’s Greene said: “Redwood Logistics is the ideal partner for Strive due to our compatible cultures and shared focus on addressing our customers’ most critical logistics challenges through the effective combination of people and technology. We are excited to join the Redwood team and look forward to working together to continue growing the combined business.”
Joost Thesseling, managing director of CI Capital, said “We are excited to support the Redwood Logistics management team in their acquisition strategy as they continue to build one of the largest, technologically innovative logistics providers in North America.”
Redwood’s agreement to acquires Strive follows its acquisition last month of LTX Solutions, a provider of less than truckload (LTL) freight management and transportation supply chain solutions based in Atlanta, Georgia. It described that transaction as providing “an attractive opportunity for growth in the southeastern US market”.
Source: Lloyd’s
