DANBURY, Conn.--(BUSINESS WIRE)--Odyssey Logistics & Technology Corporation (Odyssey), a leading global logistics provider, announced today that an affiliate of The Jordan Company has signed a definitive agreement to become the new majority shareholder in Odyssey.
The transaction is expected to close in the third quarter, subject to customary closing conditions, and will result in the buyout of all shares currently held by the venture capital firms who initially invested to help launch the company. There will be no change in Odyssey’s management, core strategy or mission. Terms of the transaction were not disclosed.
“With The Jordan Company, Odyssey will continue its path of strategic growth, both organically and through acquisitions,” said Bob Shellman, President and CEO, Odyssey. “This transaction underscores our consistent focus on providing broader service offerings, a larger transportation network and advanced technology to enhance our global supply chain capabilities.”
“The Jordan Company targets partnerships with established and profitable companies like Odyssey,” said Brian Higgins, Senior Partner, The Jordan Company. “We are excited to partner with Odyssey’s leadership team and to support their vision for continued growth through investment in services and technologies for their customers.”
“We look forward to partnering with The Jordan Company as their financial investments and experience in the end markets that Odyssey serves are of significant value to the company as we continue to invest in and deliver specialized logistics solutions to our customers,” said Cosmo Alberico, Chief Operating Officer and CFO, Odyssey.
Odyssey develops targeted, comprehensive logistics services that address the unique challenges, systems, products and visions of companies worldwide. Working with Odyssey gives clients access to Odyssey’s global logistics network and technology offerings that support all modes of transportation. Clients can choose to have Odyssey support all or a portion of their logistics needs.
“As we enter this new and exciting phase in our company’s evolution, we thank our loyal customers for their support and our dedicated employees for the contributions that have made Odyssey so successful,” Mr. Shellman said.
J.P. Morgan acted as exclusive financial advisor to Odyssey in the transaction.
About The Jordan Company
The Jordan Company, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion with a 35-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. Headquartered in New York, TJC also has offices in Chicago.
Odyssey Logistics & Technology Corporation (Odyssey) is a global logistics solutions provider with freight network of over $2B. Odyssey’s services include intermodal services, trucking services, managed services, international transportation management and consulting. With operations in North America, Europe and Asia, Odyssey operates in all modes of transport with TL/LTL trucking, containership, rail, air, and bulk transport including bulk truck, ISO Tank, railcar and tanker, as well as food-grade product lines.
The Odyssey Global Logistics PlatformSM features a transportation management system that supports the safe, reliable and efficient delivery of client products throughout the world. WINTM (Web Integrated Network) offers a scalable technology solution with an accelerated deployment and faster time to value.