M&A Deal Summary

Ironwood Capital, Expedition Capital Partners and Tecum Capital Acquire Cox Transportation Services

On November 11, 2020, growth capital firm Ironwood Capital, private equity firm Expedition Capital Partners and private equity firm Tecum Capital acquired transportation company Cox Transportation Services

Acquisition Highlights
  • This is Ironwood Capital’s 4th, Expedition Capital Partners’ 1st and Tecum Capital’s 3rd transaction in the Transportation sector.
  • This is Ironwood Capital’s 70th, Expedition Capital Partners’ 5th and Tecum Capital’s 64th transaction in the United States.
  • This is Ironwood Capital’s 1st, Expedition Capital Partners’ 1st and Tecum Capital’s 5th transaction in Virginia.

M&A Deal Summary
Date 2020-11-11
Target Cox Transportation Services
Sector Transportation
Buyer(s) Ironwood Capital
Expedition Capital Partners
Tecum Capital
Deal Type Recapitalization

Target

Cox Transportation Services

Ashland, Virginia, United States
Cox Transportation Services provides freight hauling and brokerage services to customers in a diversified group of industries across the U.S. Cox Transportation Services specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. Cox also operates a brokerage division that serves carriers and freight customers with logistics optimization services. Cox Transportation Services was founded in 1982 and is based in Ashland, Virginia.

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Buyer(S) 3

Buyer

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 $5 to $20 million in companies generating $20 to $200 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 70 of 86
Sector (Transportation) 4 of 4
Type (Recapitalization) 12 of 12
State (Virginia) 1 of 1
Country (United States) 70 of 86
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-02 Performance Team

Santa Fe Springs, California, United States

Performance Team LLC is a third-party logistics and distribution provider, offering consolidation, warehousing, distribution, and transportation services across the US. Performance Team was founded in 1987 and is based in Santa Fe Springs, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-04 Alcom

Winslow, Maine, United States

Alcom designs and manufactures specialty aluminum trailers that are sold primarily in the United States and Canada. Alcom produces highly featured aluminum trailers in hundreds of configurations based on customer requests. Its dealer network includes over 300 dealers. The company’s brand names include Mission Trailers, SnoPro/CargoPro, E-Z Hauler, and High Country. Alcom was founded in 2005 and is based in Winslow, Maine.

Buy -
Buyer

Expedition Capital Partners

Chicago, Illinois, United States
Category Private Equity Firm
Founded 2009
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Expedition Capital Partners LLC (ECP) is an independent private equity firm that invests in lower middle-market companies throughout the US and Canada. ECP targets public and private companies with positive cash flows and sustainable competitive advantages. Prospective businesses typically generate revenues of $10 to $100 million and at least $2 million in EBITDA. The firm also looks for co-investments with other investors. Areas of interest include business services, consumer products & services, distribution/logistics, education/training, healthcare, infrastructure, manufacturing, and waste and recycling. Types of transactions include MBOs, corporate divestitures, industry consolidations, recapitalizations, and acquisitions. Expedition Capital Partners LLC was formed in 2009 and is based in Chicago.

DEAL STATS #
Overall 5 of 6
Sector (Transportation) 1 of 1
Type (Recapitalization) 3 of 4
State (Virginia) 1 of 1
Country (United States) 5 of 6
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-13 Waste Harmonics

Victor, New York, United States

Waste Harmonics is a technology-enabled facility services company that delivers a comprehensive suite of waste management solutions to blue-chip clients throughout North America. Waste Harmonics is one of the largest managed waste services companies in the US, and delivers critical waste collection services across all 50 US states, Canada, Puerto Rico, and Guam, through an outsourced network of over 5,000 vendors. Waste Harmonics was founded in 2001 and is based in Victor, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-16 BP Environmental Services

Chalfont, Pennsylvania, United States

BP Environmental Services is a provider of waste and recycling services. BP Environmental Services prides itself as a creative, solutions-driven company with a primary goal of helping businesses of all sizes optimize their equipment, supply, technology, and disposal solutions. BP Environmental Services was founded in 1998 and is based in Chalfont, Pennsylvania.

Buy -
Buyer

Tecum Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Tecum Capital is a private equity firm focused on lower middle-market companies across the Eastern-US. Tecum will consider a variety of investment situations including leveraged buyouts, management buyouts, successions, strategic acquisitions, growth capital financings, and recapitalizations. Investment sizes range from $5 - $20 million. Industries of interest include manufacturing, plastics, specialty distribution, technology, healthcare services, defense, food, and business/consumer services. Tecum will not consider investments in start-ups or real estate. Tecum Capital was formed in 2005 and is based in Wexford, Pennsylvania.

DEAL STATS #
Overall 64 of 82
Sector (Transportation) 3 of 4
Type (Recapitalization) 12 of 15
State (Virginia) 5 of 5
Country (United States) 64 of 82
Year (2020) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-22 VfD Technologies

Bethlehem, Pennsylvania, United States

VfD Technologies is a technology driven precision manufacture for medical device, automation and robotics, and transportation applications. VfD Technologies was founded in 2008 and is based in Bethlehem, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-18 Advanced Pavement Group

Islip, New York, United States

Advanced Pavement Group is an outdoor facility maintenance company (services include asphalt paving, seal-coating, drain installation and repair, concrete installation and repair, sweeping and debris removal, power washing, storm drain management, and maintenance) in the Northeast and Mid-Atlantic regions of the United States, servicing New York, New Jersey, Connecticut, Delaware, Pennsylvania, and Maryland. Advanced Pavement Group was founded in 1963 and is based in Islip, New York.

Sell -
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