Ridgemont Equity Partners Leads Recapitalization of RoadOne IntermodaLogistics
- On January 5, 2023
High-Growth Intermodal Logistics Solutions Provider to Continue Geographic and Service Line Expansion
Charlotte, NC and Boston, MA (January 5, 2023) – Ridgemont Equity Partners, a middle market private equity investor, today announced the recapitalization of RoadOne IntermodaLogistics (“RoadOne” or the “Company”), the largest independent provider of intermodal logistics solutions in North America, alongside the Company’s management and co-founders, Ken Kellaway and David McLaughlin, and Nonantum Capital Partners, who acquired a majority stake in RoadOne in 2019 and remains meaningfully invested in partnership with Ridgemont.
RoadOne provides intermodal logistics services that facilitate the movement of freight at ports, regional distribution centers and inland rail terminals. The Company’s “port-to-floor” solutions include a full suite of value-added supply chain capabilities, including transloading and warehousing, port and rail container drayage and terminal operations, as well as dedicated truckload transportation and dray brokerage through a growing national network of over 100 service centers, 8 transload facilities comprising over three million square feet and over 2,000 drivers. RoadOne is a key strategic supply chain partner to beneficial cargo owners, steamship lines, railroads and third-party logistics providers.
“We have closely followed the success of RoadOne over the last several years, and we are excited to partner with the Company’s strong leadership team on RoadOne’s next chapter, alongside Nonantum,” said Charles Anderson, Partner at Ridgemont Equity Partners. “RoadOne is a market leader and is well-positioned to continue its growth through expanding services and geographic reach, executing on M&A and investing in technology – RoadOne’s differentiated value proposition enables the Company to serve as a critical supply chain partner to its customers.”
Rob Edwards, Managing Partner at Ridgemont, added: “Our recapitalization of RoadOne marks Ridgemont’s eighth third-party logistics platform investment and nicely complements our existing portfolio, which includes asset-light providers of omnichannel shipping services, freight forwarding, eCommerce fulfillment, freight brokerage and managed transportation services. RoadOne is a clear category leader with industry veterans at the helm and a massive market opportunity ahead – this is the team and investor group to execute the plan to capitalize on this opportunity.”
“It’s been an incredible journey to be a part of RoadOne’s growth and we are very pleased to continue supporting the platform,” said Jon Biotti, Managing Partner and Chief Investment Officer at Nonantum Capital Partners. “Through acquisition and strategic operational advancements, RoadOne has become a scaled, diversified and resilient business with remarkable customer retention. We are confident in the Company’s staying power and share the same strategic vision as management and our friends at Ridgemont.”
“This transaction infuses RoadOne with more capital for growth, adds a new and very experienced logistics investor in Ridgemont and preserves our proven partnership with Nonantum,” said Ken Kellaway, CEO of RoadOne IntermodaLogistics. “Our team is eager to continue doing what we’ve successfully been doing for over 35 years – expanding our offerings and national network to meet the evolving demands of our global customers.”
Financing for the transaction was provided by a blue-chip investor group, led by Barings and Churchill Asset Management. William Blair served as financial advisor to Ridgemont and Stifel and Harris Williams served as financial advisors to RoadOne and Nonantum. Alston & Bird and Goodwin Procter served as legal advisors to Ridgemont and the Company, respectively. Financial terms of the transaction were not disclosed.
About RoadOne IntermodaLogistics
RoadOne and its affiliated companies deliver comprehensive single source logistics solutions that include the highest quality, reliable port and rail container drayage, terminal operations, dedicated truckload solutions, transloading, and warehousing and distribution nationwide. For more information, please visit www.roadone.com.
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market private equity firm that has provided buyout and growth capital to industry-leading companies in the business and tech-enabled services, industrial growth, and healthcare sectors for nearly three decades. The principals of Ridgemont have refined a proven, industry-focused model designed to build distinctive middle market companies. For more information, please visit www.ridgemontep.com.
About Nonantum Capital Partners
Founded in 2018 by a team of experienced private equity and management executives as a spin-out from Charlesbank Capital Partners, Nonantum is a Boston-based middle-market private equity firm. Nonantum focuses on investing in family and founder-owned businesses, corporate carve-outs, and complex situations where personal partnership is critical and opportunities exist for significant equity value creation. For more information, visit http://nonantumcapital.com/.
