Apax Partners is buying Quality Distribution Inc. (Nasdaq: QLTY), a logistics business, for $800 million.
Quality Distribution, headquartered in Tampa, operates a chemical logistics network in North America through subsidiary Quality Carriers Inc. The company also provides intermodal tanks and deposit services through a different subsidiary, Boasso America Corp., and transportation services to the oil industry through subsidiaries QC Energy Resources Inc. and QC Environmental Services Inc.
The purchase price works out to $16 per share, plus debt assumption.
New York-based Apax is making the acquisition through an affiliate. The private equity firm invests in the consumer, health care, services and technology businesses. Apax's recent deal activity includes a bid for Oi SA's Portuguese phone-carrier assets in connection with Bain Capital Partners LLC, and acquisition of Answers.com.
RBC Capital Markets is Quality Distribution's financial adviser, and Fried Frank Harris Shriver & Jacobson LLP is providing legal advice. Skadden Arps Slate Meagher & Flom LLP and Kirkland & Ellis LLP are providing legal advice to Apax. Deutsche Bank AG, Bank of America NA, Jefferies Finance LLC, MIHI LLC and SunTrust Bank are providing financing for the deal.
There have been several other transportation and logistics deals recently, including FedEx's bid for TNT Express in April, and Fiera Axium Infrastructure's purchase of Montreal Gateway Terminals. In April, XPO Logistics agreed to buy Norbert Dentressangle SA in a $3.5 billion deal.