M&A Deal Summary

Ryder System Acquires Whiplash

On December 13, 2021, Ryder System acquired transportation company Whiplash from Endeavour Capital for 480M USD

Acquisition Highlights
  • This is Ryder System’s 17th transaction in the Transportation sector.
  • This is Ryder System’s largest (disclosed) transaction.
  • This is Ryder System’s 17th transaction in the United States.
  • This is Ryder System’s 4th transaction in California.

M&A Deal Summary
Date 2021-12-13
Target Whiplash
Sector Transportation
Buyer(s) Ryder System
Sellers(s) Endeavour Capital
Deal Type Add-on Acquisition
Deal Value 480M USD
Advisor(s) J.P. Morgan Securities (Financial)
Paul Hastings (Legal)

Target

Whiplash

City of Industry, California, United States
Whiplash is a provider of logistics services that support major retailers and retail manufacturers at all major U.S. port locations with experienced teams, leading-edge technology, and nearly 5 million square feet of multi-client and dedicated warehouse space. Whiplash was founded in 2008 and is based in City of Industry, California.

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Buyer(S) 1

Buyer

Ryder System

Coral Gables, Florida, United States
Category Company
Founded 1933
Sector Transportation
Employees47,500
Revenue 11.8B USD (2023)
DESCRIPTION
Entrance to Ryder System's corporate headquarters in Miami, Florida.
Entrance to Ryder System's corporate headquarters in Miami, Florida.

Ryder System is a provider of commercial fleet management and supply chain solutions. Ryder operates in two business segments: Fleet Management Solutions (FMS), which provides full-service leasing, commercial rental, contract maintenance, and contract-related maintenance of trucks, tractors and trailers to customers principally in the U.S., Canada and the U.K.; and Supply Chain Solutions (SCS), which provides comprehensive supply chain solutions including distribution and transportation services in North America and Asia. The SCS segment also provides dedicated services, which includes vehicles and drivers as part of a dedicated transportation solution in the U.S. Ryder's customers range from small businesses to large international enterprises. Ryder System was founded in 1933 and is based in Coral Gables, Florida.

DEAL STATS #
Overall 23 of 27
Sector (Transportation) 17 of 19
Type (Add-on Acquisition) 21 of 25
State (California) 4 of 5
Country (United States) 17 of 21
Year (2021) 2 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-27 Midwest Warehouse & Distribution System

Woodridge, Illinois, United States

Midwest Warehouse & Distribution System provides warehousing, distribution, and transportation solutions primarily for food, beverage, and consumer packaged goods (CPG) companies. Midwest Warehouse & Distribution System was founded in 1982 and is based in Woodridge, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-13 Ryder System - Trailer Leasing & Maintenance Business

Miami, Florida, United States

Trailer Leasing & Maintenance Business offers bumper-to-bumper maintenance even tires and brakes that are considered wear and tear equipment coverage on new and pre-owned trucks, tractors, and trailers. The industry’s only solution that gives you the ability to choose the truck lease you need with the built-in truck maintenance that fits your business.

Sell -

Seller(S) 1

SELLER

Endeavour Capital

Portland, Oregon, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 925M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Endeavour Capital LLC is a private equity firm that targets service and manufacturing companies headquartered in the Western United States. Endeavour looks to invest with and an enterprise value of $25 -$250 million with an EBITDA of $5-$50 million. Prospective companies are generally profitable with at least $5 million of EBITDA. Supported investment situations include growth capital financings, industry consolidations, management acquisitions, recapitalizations, and ownership transfers. The firm invests in the range of $25-$150 million per transaction. Areas Endeavour will not invest include real estate and emerging technology. Endeavour Capital was formed in 1991 and is based in Portland, Oregon with additional offices in Seattle, Washington, and Los Angeles, California.

DEAL STATS #
Overall 27 of 32
Sector (Transportation) 3 of 3
Type (Add-on Acquisition) 12 of 15
State (California) 6 of 7
Country (United States) 27 of 31
Year (2021) 5 of 6
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-08 USNR

Woodland, Washington, United States

USNR is a manufacturer of products ranging from single machines to highly engineered and technologically sophisticated turnkey solutions for wood processors in the plywood and panel, solid wood, and engineered wood sectors. USNR is based in Woodland, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-15 Oregon Freeze Dry

Albany, Oregon, United States

Oregon Freeze Dry is a freeze-dried foods company. The Company's freeze-dried ingredients are key components in the products of some of America’s largest food companies. OFD private label lines include such products as lunch and dinner entrees for the Nutri/System weight-loss program. Oregon Freeze Dry was founded in 1963 and is based in Albany, Oregon.

Sell -
Mergr

Product

Company

Legal