Investment Summary

Argosy Private Equity, Ironwood Capital and Headhaul Capital Partners Exits DSI Logistics

On April 6, 2021, Pilot Freight Services invested in transportation company DSI Logistics from Argosy Private Equity, Ironwood Capital and Headhaul Capital Partners

Investment Highlights
  • This is Pilot Freight Services’ 1st transaction in the Transportation sector.
  • This is Pilot Freight Services’ 1st transaction in the United States.
  • This is Pilot Freight Services’ 1st transaction in California.

Investment Summary

Date 2021-04-06
Target DSI Logistics
Sector Transportation
Investor(s) Pilot Freight Services
Sellers(s) Argosy Private Equity
Ironwood Capital
Headhaul Capital Partners
Deal Type Add-on Acquisition
Advisor(s) Harris Williams (Financial)

Target

DSI Logistics

Brea, California, United States
DSI Logistics is a non-asset based provider of last-mile home delivery and installation for heavy and hard to handle goods. DSI Logistics was founded in 1997 and is based in Brea, California.

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Investor(S) 1

Investor

Pilot Freight Services

Glen Mills, Pennsylvania, United States

Category Company
Founded 1970
Sector Transportation
DESCRIPTION

Pilot Freight Services is a transportation and logistics provider with over 75 locations throughout North America and Western Europe. The company’s freight forwarding services encompass every mode of transportation, including air, ground, and ocean, serving all corners of the globe. Pilot’s logistics programs offer a complete line of expedited and time-definite services, international shipping solutions, e-commerce, and home delivery solutions, product warehousing, and inventory management. Pilot Freight Services was founded in 1970 and is based in Glen Mills, Pennsylvania.


DEAL STATS #
Overall 1 of 1
Sector: Transportation M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2021 M&A 1 of 1

Seller(S) 3

SELLER

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 41 of 55
Sector: Transportation M&A 1 of 1
Type: Add-on Acquisition M&A Deals 29 of 39
State: California M&A 2 of 3
Country: United States M&A 41 of 55
Year: 2021 M&A 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-04 Fairway Architectural Railing Solutions

Mount Joy, Pennsylvania, United States

Fairway Architectural Railing Solutions is a manufacturer of vinyl, aluminum and composite railing systems and distributor of ancillary building products. The company offers durable vinyl railing systems and lightweight aluminum and composite rail products and accessories primarily for residential decks. Fairway Architectural Railing Solutions was founded in 1997 and is based in Mount Joy, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-19 Wittenbach

Sparks, Maryland, United States

Wittenbach provides cash handling, physical security, and electronic security. Wittenbach was founded in 1974 and is based in Sparks, Maryland.

Buy -
SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 40 of 55
Sector: Transportation M&A 3 of 3
Type: Add-on Acquisition M&A Deals 26 of 33
State: California M&A 4 of 5
Country: United States M&A 40 of 55
Year: 2021 M&A 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Sharps Medical Waste Services

Houston, Texas, United States

Sharps Medical Waste Services provides comprehensive medical waste solutions including collection, transfer, transportation, recycling, waste reduction, sharps management, disposal, and consulting services to hospitals, medical offices, pharmacies and other healthcare providers. Sharps Medical Waste Services was founded in 1988 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-12 Southern Design Companies

Cumming, Georgia, United States

Southern Design Companies provides landscaping and concrete foundation and finishing services to large, sophisticated home builders in the greater Atlanta MSA. Southern Design Companies was founded in 2009 and is based in Cumming, Georgia.

Buy -
DESCRIPTION

Headhaul Capital Partners LLC is a private equity firm focused on the transportation, logistics, and distribution sectors. The Firm looks to invest in management buyouts, industry consolidations and recapitalizations of middle-market companies with up to $500 million of revenue. Target companies generally possess strong management, offer value-add services, and operate in industry sub-sectors with favorable prospective supply/demand dynamics. Headhaul Capital Partners LLC was formed in 2014 and is headquartered in Harrison, New York.


DEAL STATS #
Overall 1 of 1
Sector: Transportation M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 DSI Logistics

Brea, California, United States

DSI Logistics is a non-asset based provider of last-mile home delivery and installation for heavy and hard to handle goods. DSI Logistics was founded in 1997 and is based in Brea, California.

Buy -