Los Angeles (Sept. 19, 2013) – Platinum Equity today announced it has completed the acquisition of substantially all the assets of Bridge Terminal Transport, Inc. from Maersk Inc., a subsidiary of the A.P. Moller-Maersk Group. Financial terms of the transaction were not disclosed. The business will continue to operate under the Bridge Terminal Transport ("BTT") brand going forward.
BTT, based in Charlotte, NC, is one of the largest drayage providers and a leader in international and domestic transportation solutions at major port locations and inland rail sites throughout the United States. It operates through a network of 28 terminals, 25 container yards and more than 1,300 owner-operators.
“We are excited about the transition to new ownership, which will create new opportunities for our company, our employees and our customers,” said BTT CEO Hans Stig Moller. “BTT strives to be the best provider of trucking services in the industry and to deliver the exceptional service our customers deserve. Platinum Equity has the resources and expertise we need to help BTT achieve new levels of success.”
Mr. Moller cited Platinum Equity's operations capabilities, financial resources and extensive experience in transportation and logistics as reasons to be excited about the future.
Platinum Equity currently owns a controlling stake in Neovia Logistics, a global, integrated logistics services provider; MXD Group, a provider of last-mile logistics services; Keen Transport, a national provider of heavy-haul logistics and transportation services; and Active Aero, a provider of expedited transportation and logistics solutions. The firm recently completed raising Platinum Equity Capital Partners III, a $3.75 billion buyout fund focused on investing in businesses that can benefit from Platinum Equity’s operational expertise.
“We have a lot of experience owning and operating transportation and logistics businesses that provide complex supply-chain solutions,” said Platinum Equity Partner and President of Portfolio Operations Bryan Kelln. “We understand what BTT’s customers expect and are committed to delivering the highest levels of service and dependability.”
A transition team of Platinum Equity in-house operations specialists is helping carve BTT out from Maersk and establish the newly acquired business as a standalone company.
Mr. Moller credited the operations support from Platinum Equity and the hard work of BTT’s employees for the process moving smoothly.
“We are all focused on executing a seamless transition while maintaining the highest standards of customer service,” said Mr. Moller.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.
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