Successful Investment Highlights Strength of Platinum Equity’s Value Proposition in the Lower Middle Market
LOS ANGELES (June 1, 2015) – Platinum Equity announced today the sale of Bridge Terminal Transportation Services (BTT) to XPO Logistics, Inc. (NYSE: XPO) has been completed. Financial terms of the transaction were not disclosed.
BTT is a leading marine drayage provider with a network of 28 terminals and 27 container yards throughout the contiguous United States.
“Our stewardship of BTT demonstrates the value of Platinum Equity’s operationally-focused approach and our continued ability to create value in the lower middle market,” said Platinum Equity Partner Bob Wymbs, who oversees the M&A team focused on lower middle market acquisitions. “The success of BTT is also a testament to our strength in corporate carve outs, creating divestiture solutions for sellers in need and then working with management teams to operate those businesses successfully.”
Platinum Equity acquired BTT from AP Moller-Maersk (CPSE: MAERSK:B) in September 2013. BTT represents another successful investment in the Transportation and Logistics space for Platinum Equity.
“The success of BTT during our ownership reflects the hard work of many dedicated BTT employees and the strong leadership abilities of Hans Stig Moller and the company’s management team,” said Mr. Wymbs. “Today the company is well positioned for continued success as part of XPO.”
BB&T Capital Markets served as an advisor in connection with the sale.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with more than $6 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. In 2014, Platinum Equity portfolio companies generated more than $17 billion in revenue. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years Platinum Equity has completed more than 150 acquisitions.