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Nearly two years after issuing a request for investors, Seko Logistics has announced Ridgemont Equity Partners will become its new owner.
Ridgemont, already with logistics companies in its portfolio, including Worldwide Express, replaces Greenbriar Equity Group, which now becomes a minority investor in Seko.
In spring 2019, Seko began seeking a new investor after four years with Greenbriar as a key shareholder. In October, Greenbriar invested $500m in Uber Freight.
Ridgemont partners Rob Edwards and Tim Dillon said: “Ridgemont has known Seko for many years and we have admired what the management team and Greenbriar have accomplished together.
“Seko 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.”
Seko, which last year bought forwarder and cross-border e-commerce specialist Air-City and in 2019 acquired GoodShip International, said the investment would enable it to move on to its next stage of growth.
James Gagne, president and CEO, said: “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 said its five-year partnership with Greenbriar has seen business more than triple and it was planning more acquisitions, geographical expansion and investment in technology.
Although the unprecedented challenges of 2020 may have changed its course, in 2019 Seko said it was “well-positioned to reach $209m and $92m in net revenue and ebitda respectively by 2023”, and anticipated 2019 revenues to be $117m with ebitda of $41m.