Third party logistics provider (3PL) Transplace is being acquired by private equity firm TPG Capital for an undisclosed sum, buying out Greenbriar Equity Group LLC, which acquired the 3PL back in 2013.
The deal is expected to close in late September and will combine TPG’s “long history” of creating cross-sector value, including software, technology and industrials, with Transplace’s customer base of over 1,000 and gross revenues topping $1.8 billion, according to the two companies.
“As customer expectations for fast and transparent service and delivery increase, the supply chain is quickly becoming more complex. As a result, many companies have started to outsource freight spend in order to achieve better procurement at a lower operating cost,” noted Jack Daly, a partner and global head of industrials and business services for TPG, in a statement.
“We believe Transplace is well positioned to thrive from the immense technological change happening within logistics today,” he added, noting that the plan is to “accelerate growth, both organically and through acquisition” going forward for the 3PL.