Big Money pushing major 3PL merger
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)