Ridgemont Equity Partners to acquire US firm Worldwide Express
Ridgemont Equity Partners has agreed to acquire US firm Worldwide Express from the affiliates of Quad-C Management for an undisclosed sum.
Based in Dallas of Texas, Worldwide Express offers various asset-light logistics services to the small-to-medium-sized businesses.
With around 150 offices across the US, Worldwide Express offers small parcel shipping, less-than-truckload and full truckload freight brokerage services to the customers.
Under the deal, Ridgemont will combine its portfolio firm Unishippers Global Logistics with Worldwide Express to create new integrated firm Worldwide Express Global Logistics.
The combined firm is expected to become the largest US non-asset based third party logistics provider of parcel and freight services to the small and medium-sized business.
The deal, which has secured HSR approval, is expected to complete in the first quarter of this year.
Worldwide Express current CEO Tom Madine will lead the new combined business, while Kevin Lathrop will continue to head Unishipper.
Worldwide Express Global Logistics CEO Tom Madine said: “Ridgemont is our ideal financial partner for the company's next phase of growth.
“Their third party logistics experience and strategic insights will be extremely valuable to the execution of our growth strategy and business continuity. We are very aligned with Ridgemont on our vision for the future.”
Ridgemont partner Rob Edwards said: “Ridgemont has strong conviction around the compelling investment merits of third party logistics services, as demonstrated by our level of activity and capital commitment to the sector.”
Image: Ridgemont to acquire US firm Worldwide Express. Photo: courtesy of adamr / FreeDigitalPhotos.net.