Freight News:
Best Warehousing and Transportation acquired by private equity
Atlanta-based 3PL Best Warehousing and Transportation (BWT) has been acquired by transportation- and logistics-focused private equity firm Bluejay Capital Partners, according to a Tuesday news release.
Financial terms of the transaction were not disclosed.
BWT operates a network of 30 dedicated and multitenant facilities in 15 states, providing e-commerce solutions domestically and abroad for goods purchased from U.S. websites. Its B2B services include breakbulk, packaging, storage and transportation.
“BWT has an exceptional track record serving industry leaders across many diversified supply chains,” said Josh Putterman, founding partner at Bluejay Capital. “They attract customers and grow with them in new services and locations. The strong team at BWT, coupled with the Bluejay Capital team’s growth expertise and significant industry experience creates a powerful combination.”
Bluejay Capital’s investment will widen the service offering and operating capabilities of the 37-year-old company.
BWT President and CEO Winston McDonald Jr. will retain “a sizable ownership stake in the business,” the release said.
“Our partnership with Bluejay Capital marks the beginning of an important chapter of growth for our company and our dedicated employees,” McDonald said. “We are proud of what we have created and accomplished over the last 16 years and are excited to build upon that history, advancing our industry-leading position, expanding our market reach and broadening the scope of work and services we provide.”
Argosy Private Equity, Southfield Mezzanine, Spring Capital Partners and Key Bank financed the transaction.
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Editor: Todd Maiden