Thursday, January 7, 2021

Freight Forwarding and Logistics Group Obtain New Funding for Growth

Change of Tack as Acquisitions Become the Aim
Shipping News Feature

US – WORLDWIDE – Changing times for SEKO Logistics which has seen its key shareholder since 2015, New York-based private equity firm Greenbriar Equity Group LP become a minority investor with Charlotte-based middle market buyout and growth equity investor Ridgemont Equity Partners stepping up to add the 3PL and global freight forwarder to its portfolio.

SEKO says the move allows the company to embark on its next phase of expansion with plans for additional acquisitions, technology platform investments, and growth in key geographies. In a shift from purely organic growth since its founding in 1976, SEKO has recently acquired a compliance-focused freight forwarder, GoodShip International, and cross-border e-commerce specialists and airfreight forwarder Air-City.

The company has also acquired a majority position in its strategic partner Omni-Channel Logistics Australia intending to further solidify and grow its e-commerce and technology solutions for retailers, pure-play etailers, marketplaces and platforms. James Gagne, President and CEO of SEKO, explained:

“[This] announcement marks the next stage of SEKO’s growth ambition. We are always focused on our clients, first and foremost, and how we can best serve their supply chain and demand chain needs. Ridgemont has extensive and highly relevant experience growing third-party logistics providers by investing in technology, hiring talented people, and acquiring strategic businesses.

”These initiatives have been at the core of SEKO’s growth in recent years and, with Ridgemont’s support, we will accelerate SEKO’s capabilities and ultimately benefit our customers at the local and international levels. We have attracted outstanding partners in Ridgemont and Greenbriar and the future has never looked brighter for SEKO, our people and, most importantly, our customers.

“SEKO and Greenbriar have had a strong partnership over the past five years and the business has more than tripled under their ownership. Although they are divesting their majority stake in the Company, Greenbriar will remain a significant equity partner through a new equity investment, which clearly demonstrates their continuing confidence in SEKO and what we can achieve with new investment from Ridgemont.

”We are entering the next phase of our growth with plans for additional acquisitions, investments in our technology platform as well as further expansion in key geographies in Europe, North America and Asia to better serve our clients’ growing, global transportation and logistics needs in an increasingly complex and volatile world.”

Founded in 1976, SEKO provides e-commerce logistics and shipping solutions, white glove delivery solutions, healthcare logistics and value-added freight forwarding services. In a joint statement on behalf of Ridgemont Rob Edwards and Tim Dillon commented:

“Ridgemont has known SEKO for many years and we have admired what the management team and Greenbriar have accomplished together. SEKO is a fantastic business, the Company has a globally diverse operation with a difficult-to-replicate footprint and a remarkable high-touch service offering. We are excited to continue growing the Company by expanding its global reach, broadening its unique capabilities and enhancing its strategic partner network.”