New York money for Texan freight forwarder
ATL Partners, an equity firm based in New York City, recently launched a funding round of about USD 300 million to invest in Austin (TX)-headquartered Arrive Logistics.
The relatively young logistics firm, which was founded in 2014 and also runs an office in Chicago, achieved a turnover of approx. USD 800 million in 2020 with a workforce of about 1,000 people. Matt Pyatt, Arrive’s CEO, was quoted with expectations of gross revenues of USD 1.2 billion in the running year.
Among the investor group were also the Baupost Group, British Columbia Investment Management Corp. and Temasek, which is led by ATL. Since the investor group is now the single largest investor in the company, it delegates three seasoned logistics and technology executives Andrew Clarke, Jerome Lorrain and Paul Bell to join the board of directors. Clarke, who formerly worked for Forward Air, Panther Expedited and C.H. Robinson, is to be chairman of the board. (sh)