After reporting $1.2 billion in gross revenue for 2020, AIT Worldwide Logistics, a global freight forwarding provider, has agreed to recapitalize with New York City-based middle-market financial firm The Jordan Company LP. The transaction, expected to be finalized at the end of March, marks the culmination of AIT’s partnership with private equity group Quad-C Management Inc., which is selling its full stake in AIT to TJC.
Vaughn Moore, AIT’s president and CEO, said, “In the midst of a global pandemic, our teammates have overcome unprecedented challenges to deliver incredible results. Thanks to their performance, new options have opened up for the organization to continue striving towards our vision of becoming the global logistics provider respected for delivering a world-class experience. TJC has proven success partnering with companies in our industry, and their international expertise will provide a distinct advantage for sustained organic growth and future acquisitions around the world. Quad-C has supported our organization on every step of the journey since 2017. They have been a wonderful partner and we’re incredibly thankful for their substantial contribution that helped achieve AIT’s growth objectives.”
“We have had a terrific partnership with the AIT management and teammates,” said Tom Hickey, partner at Quad-C. “The AIT team set forth a comprehensive growth strategy and executed on it, building the business to more than $1.2 billion of revenues and completing eleven acquisitions along the way. We are proud to have been AIT’s partners over this period, and look forward to seeing the company’s continued success with its new partner, TJC.”
With TJC as its new financial partner, AIT will continue to pursue a strategic growth plan with an emphasis on global expansion both organically and via carefully targeted acquisitions that enhance support for customer supply chains.
“We are excited that AIT’s leadership selected TJC as their partner in this recapitalization,” said Brian Higgins, head of TJC’s logistics and supply chain vertical. “We strongly believe in the team’s vision for continued growth in core freight forwarding services, as well as specialized supply chain solutions with an emphasis on trade between Asia, Europe and North America—all with a continued focus on their customers’ needs.”
Harris Williams LLC served as financial advisor and White & Case LLP served as legal counsel to AIT. Jefferies LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to TJC.