NEW YORK--(BUSINESS WIRE)--Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, in partnership with British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, announced they have signed a definitive agreement to invest in PS Logistics.
As the largest and fastest-growing flatbed transportation and full-service logistics provider in the United States, PS Logistics employs a “Driver-First” culture to transport general flatbed commodities with a specialization in irregular route service in the continental United States.
“The combination of our exceptional team, with the resources we will gain through our relationship with Gamut and BCI, will enable PS Logistics to accelerate our growth while continuing to provide best-in-class services to our customers,” said Scott Smith, CEO of PS Logistics.
Stan Parker, Founding Partner of Gamut, said, “We are excited to partner with Scott and his seasoned management team to enhance their market leading platform and accelerate their growth trajectory. As the leading player in the large and fragmented flatbed trucking market, PS Logistics’ dedicated drivers, expansive freight network and young fleet are poised to continue delivering great value to both new and longstanding customers in search of comprehensive cross-country coverage and services.”
“As a long-term investor, we seek market-leading companies with a demonstrated track record of creating shareholder value, like PS Logistics. We look forward to working with the founder-led management team and Gamut to support the company’s future growth”, said Aaron Papps, Senior Portfolio Manager at BCI. “The continued growth and success of PS Logistics will provide compelling risk-adjusted returns for our pension plan and insurance fund clients.”
Financial terms of the transaction are not disclosed. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of this year.
RBC Capital Markets, Credit Suisse and Deutsche Bank Securities Inc. served as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Gamut and BCI, and Weil, Gotshal & Manges LLP served as separate legal counsel to BCI. UBS Investment Bank served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to PS Logistics. RBC Capital Markets, Credit Suisse, Deutsche Bank Securities Inc. and Wells Fargo Bank, N.A. are providing financing commitments for the transaction, subject to customary terms and conditions.
About PS Logistics
Founded in 2004 and headquartered in Birmingham, AL, PS Logistics is one of the largest and fastest growing flatbed transportation and logistics providers in the United States. PS Logistics provides full-service transportation services, including asset-based transportation, non-asset-based transportation, brokerage, third-party logistics managed transportation, warehousing, and supply chain services. This hybrid model delivers optimal flexibility to address customer’s flatbed transportation needs across various industries throughout the United States. For more information, visit: www.pslogistics.com.
About Gamut Capital Management
Gamut Capital Management is a New York-based private investment firm managing $1.2 billion in assets focused on the middle market. Founded in 2015, Gamut’s senior deal professionals have executed investments in over 50 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.
With C$171.3 billion of assets under management as of March 31, 2020, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$17.9 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 30 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors. For more information about BCI, please visit www.bci.ca.