On April 2nd, 2018, MXD Group (“MXD” or the “Company”), a portfolio company of Platinum Equity (“Platinum”), was acquired by Ryder System, Inc. (“Ryder”) for approximately $120 million. The acquisition strengthens Ryder’s omni-channel fulfillment capabilities, establishing it as the second largest last mile delivery provider of big and bulky goods. BB&T Capital Markets served as the exclusive financial advisor to MXD.
“As many industries continue to be disrupted by the growth of e-commerce, Ryder remains at the forefront of helping our customers find new solutions,” said Robert Sanchez, Ryder Chairman & CEO. Terry Solvedt, Chief Executive Officer of MXD, noted: “We wanted to ensure we had the best possible advisor for this transaction. The selection of BB&T proved invaluable throughout the entire process. BB&T brought industry expertise as well as practical and thoughtful advice. Their work effort was greatly appreciated. And, thanks in large part to their extraordinary efforts, the transaction outcome was highly successful.”
Link to interview with Ryder CEO, Robert Sanchez, on CNBC(opens in a new tab)
About the companies
MXD Group is a leading last mile home delivery provider focused exclusively on non-conveyable goods. The Company’s footprint covers 100% of U.S. zip codes and 71% of Canada’s population through its 21 MXD-operated cross dock hubs, 16 dedicated operations, and a network of 72 third-party agent facilities. The Company offers high touch white glove installation and services for its deliveries, and is a critical partner to omni-channel retailers. The company was founded in 1970 and is based in Columbus, OH.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions.
Ryder System, Inc.
Ryder is a FORTUNE 500® commercial fleet management, dedicated transportation, and supply chain solutions company. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. Ryder has been named among FORTUNE’s World’s Most Admired Companies, and has been recognized for its industry-leading practices in third-party logistics, environmentally-friendly fleet and supply chain solutions, and world-class safety and security programs.
Logistics & Transportation
Our Logistics & Transportation Team provides comprehensive investment banking services across eight industry segments and is one of the most active advisors in the middle-market.
Since 2010, our Logistics & Transportation Team has closed more than 40 sell-side M&A transactions and 60 public debt and equity offerings.
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