Firm Acquires Transportation & Logistics Company, Its 2nd Investment During The Quarter
Detroit, MI – January 11, 2010 // Huron Capital Partners announced today that, through its new platform company, Cardinal Agri-Logistics, Inc., it has acquired Landes Trucking, Inc. in partnership with the existing management team. The transaction closed in December 2009, with Huron committing $20 million to close the transaction. Terms of the transaction were not disclosed. The investment was made through Huron’s most recent private equity fund, The Huron Fund III, L.P., which has $350 million in committed capital.
The transaction marks Huron’s 46th investment overall and its second successful investment platform to close in the fourth quarter of 2009 alone. The acquisition caps an active year for Huron, which closed five transactions in a difficult market.
Based in Jacksonville, Illinois, Landes is a leading provider of transportation and logistics services to agricultural processing companies and food manufacturers. The company transports a variety of bulk vegetable oils, tropical oils, and syrups to food manufacturing plants throughout the Midwest, and operates two kosher-certified tank wash facilities in Illinois. Peter Mogk, a Partner at Huron, stated, “We were attracted by the highly recurring nature of the company’s revenues and management’s ability to consistently drive growth and profitability in a very difficult economic environment. The company’s track record is a testament to management’s focus on providing superior quality service to its customers as well as the strong economic fundamentals in the bulk, food-grade liquid transport market. We are excited to partner with management in this transaction and the opportunities to continue to grow this business.”