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Private equity-backed Everest Transportation acquires Simple Logistics
Private equity firm Cambridge Capital announced it is combining its majority-owned broker Everest Transportation Systems with fellow 3PL Simple Logistics. The post Private equity-backed Everest Transportation acquires Simple Logistics appeared first on FreightWaves.
Supply chain-focused private equity firm Cambridge Capital announced Tuesday that portfolio company Everest Transportation Systems is acquiring 3PL peer Simple Logistics.
St. Charles, Illinois-based Simple Logistics specializes in arranging temperature-controlled and dry van truckload transportation. The broker also operates an office in Fort Myers, Florida.
Financial terms of the transaction were not provided.
“The combination of Everest and Simple Logistics creates a sizeable, highly diversified asset-light freight brokerage with leadership across multiple key modes and market niches, poised to capitalize on the freight market upswing and operational benefits from the model we built with Everest,” said Ben Gordon, founder and managing partner of West Palm Beach, Florida-based Cambridge Capital, in a news release.
Both brokerage platforms are expected to benefit from cross-selling opportunities that the increased scale and combined TL carrier network will provide. The bigger entity will also have access to growth capital through Cambridge.
Chicago-based broker Everest focuses on full TL, drayage and intermodal shipments. It serves traditionally noncyclical segments of the economy like the food and beverage vertical through an offshore labor model.
Cambridge took a majority interest in Everest in 2021 and has transitioned the platform to a cloud-based application since.
“We are excited to join forces with Everest and leverage their extensive domestic and offshore infrastructure, technology, and market reach,” said Simple Logistics CEO Steve Spoerl. “The synergies between our two companies will ensure continued growth while providing exceptional service and creating new opportunities for all.”
Spoerl and some of Simple Logistics’ other leaders will join Everest.
More FreightWaves articles by Todd Maiden:
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The post Private equity-backed Everest Transportation acquires Simple Logistics appeared first on FreightWaves.
