FW: Convoy hires bank to advise on strategic interest

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FREIGHTWAVES reports:

Seattle-based digital freight brokerage Convoy has hired an investment bank to help it explore “strategic options that could include a sale of the company,” The Information has reported. Sources told FreightWaves that bank is Goldman Sachs. At press time, Convoy had not yet responded to inquiries.

The options on the table appear to be a merger or sale to a large strategic partner or a large capital investment from a financial sponsor.

Convoy was last valued at $3.8 billion in April 2022, when it raised $160 million in equity from Baillie Gifford and T. Rowe Price and $100 million in venture debt from Hercules Capital in a Series E package, and secured access to an additional $150 million line of credit from J.P. Morgan. That valuation is not expected to hold up in an acquisition this year…

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