Worldwide Express and GlobalTranz to join forces

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GlobalTranz and Worldwide Express are to merge in the third quarter of this year. The transaction is led by a consortium of private equity partners, led by CVC Capital and GlobalTranz’s lead investors, Providence Equity Partners and PSG. Worldwide Express investor Ridgemont Equity Partners, as well as both forwarders’ managements, will retain “a significant stake”. Chief executive of Worldwide Express Tom Madine will lead the merged company. The operators said they had “complementary strengths”, giving them market-leading products in LTL, FTL and managed transport.