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Big Money pushing major 3PL merger
Photo: World Tranz
The logistics sector has become more attractive to investors during the pandemic. In the USA, 3PL players Global Tranz and Worldwide Express are now merging – with the financial assistance of a consortium led by CVC Capital partners and following the advice of Armstrong & Associates. Financial details were not disclosed.
The united 3PL will combine their capacities in the parcel (CEP), less-than-truckload (LTL) and truckload markets in the US market.
Worldwide Express’s current lead investor Ridgemont Equity Partners, along with both Worldwide Express and Global Tranz management, will retain a stake in the combined entity.
According to market experts, the new firm is still second in line to players like C.H. Robinson and XPO Logistics, but manages a larger capacity in the USA than Fedex.
All in all, the company will become the fourth-largest forwarder in the country, according to data from the consulting company Armstrong & Associates. (sh)