Expedition Capital Partners acquired Cox Transportation Services on December 21, 2022. The transaction involved a majority recapitalization to support the strategic growth of the transportation service provider.
| Acquirer | Expedition Capital Partners (US) |
|---|---|
| Target | Cox Transportation Services (US) |
| Deal Type | Buyout |
| Close Date | December 21, 2022 |
| Announcement Date | December 21, 2022 |
| Deal Value | Undisclosed |
| Buy-side Advisors | Corum Group, Boxwood Partners |
| Sell-side Advisors | Boxwood Partners |
| Legal Advisors (Buy-side) | Mayer Brown |
| Financial Rationale | To support the acquisition and growth of Cox Transportation Services, focusing on acquisitions and expanding logistics services. |
Cox Transportation Services, a provider of dry van truckload freight primarily long-haul transportation services, has been acquired in a recapitalization deal. The move aims to bolster capital for strategic expansion initiatives and enhance the company's ability to pursue acquisition opportunities within the logistics sector.
Deal Mechanics
The transaction involved Boxwood Partners acting as both buy-side and sell-side financial advisors, with Corum Group advising Expedition Capital Partners. Mayer Brown served as legal counsel for the buyer.
Strategic Rationale
This majority recapitalization is intended to provide essential capital support for Cox Transportation Services' strategic growth plan. The company's leadership expects to leverage the new investment to further expand its service offerings and pursue additional acquisitions, thereby strengthening its market position in dry van truckload freight.
Financial Context
Cox Transportation Services has been a key player in the transportation services sector, offering both owned-assets-based hauling and brokerage services. With this latest round of capital infusion, the company is set to accelerate its growth trajectory, bolstering its competitive edge through enhanced financial resources.
Advisors
The deal was led by Corum Group and Boxwood Partners on behalf of Expedition Capital Partners. Legal support for the buyer came from Mayer Brown.
Outlook
Cox Transportation Services is now poised to leverage its robust customer relationships and operational expertise, with new investment aimed at driving further scale and efficiency across its logistics operations. The recapitalization offers a strategic foundation for continued expansion in the dynamic truckload freight market.