Fenway Partners, a New York City-based private equity firm, has announced it has partnered with the current owners to acquire a majority interest in Gemini Traffic Sales Inc., a regional LTL and nationwide full TL carrier specializing in time- and temperature-sensitive freight. According to Fenway, Gemini represents its first all temperature-controlled trucking investment and its 17th acquisition in the transportation and logistics space. Financial terms of the transaction were not disclosed.
Founded in 1985 by Harry Winrow, Gemini is a core carrier for shippers of food and beverages, flavorings and ingredients, pharmaceuticals and healthcare products. It fields a fleet of 250 company-owned and owner-operator tractors along with 400 trailers to offer a variety of temperature-controlled freight services t more than 1,000 customers. Headquartered in Edison, NJ, Gemini has terminal locations in Atlanta, Los Angeles, Dallas, and New Jersey.
In addition to its standard refrigerated offerings, Gemini said it has the capabilities and qualifications to transport products with alcohol bases, which are regarded as hazardous material by the U.S. DOT. This also enables the carrier to ship other regulated products, giving it a “significant opportunity” to grow its business with pharmaceutical companies.
"As a recognized operator with the infrastructure and know-how to provide temperature-controlled and specialized freight services, Gemini holds a strong position in a large and growing niche in the transportation industry," said Marc Kramer, Fenway managing director and head of the firm's Transportation/Logistics unit. "Gemini is an exciting addition to Fenway's portfolio of transportation and logistics investments as it is a good demonstration of our ability to partner with a founder, bring additional resources to enhance the company's operating platform, and identify highly attractive acquisitions and growth opportunities to accelerate Gemini's future value creation."