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GlobalTranz Enterprises and Worldwide Express are merging in a deal announced June 11, bringing together two non-asset-based providers of logistics services.
According to a news release, the combined company will have parcel, less-than-truckload, truckload and managed transportation offerings, all delivered through proprietary technology.
It will continue to go to market both directly and indirectly — via franchisees and independent freight agents — serving a customer base that includes small and medium-sized businesses as well as larger enterprises.
Madine
“The opportunities for growth by combining our resources will dramatically increase our ability to drive technology, further strengthen our carrier partnerships and allow us to provide a deeper offering to our customers,” Worldwide Express CEO Tom Madine said in a statement. Madine will retain the CEO post under the new company. “The opportunities for our employees, franchisees and independent agents are now greatly expanded,” he said.
GlobalTranz CEO Bob Farrell will become a member of the board of directors. He said the combined business will provide new and exciting opportunities for his team.
Farrell
“The combination of GlobalTranz with Worldwide Express is an exciting next step in the evolution of our company,” Farrell said. “This merger allows GlobalTranz’s strong technology to be combined with expanded modal capabilities that both our direct resources and independent freight agents can leverage for accelerated growth through deeper, more strategic customer solutions.”
GlobalTranz ranks No. 27 and Worldwide Express ranks No. 28 on the Transport Topics Top 50 list of the largest logistics companies in North America.
The transaction is expected to close during the third quarter of this year.
The transaction is sponsored by a consortium led by CVC Capital Partners as well as GlobalTranz’s current lead investors, Providence Equity Partners and PSG. Current Worldwide Express lead investor Ridgemont Equity Partners, along with both Worldwide Express and GlobalTranz management, will also retain a significant stake in the combined entity.
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