Logistics company American Fast Freight Inc., backed by the Jordan Co., has bought Global Transportation Services Inc. The target’s CEO, Jason Totah, will reinvest a portion of the sale proceeds into the purchase.
GTS, based in Kent, Washington, provides ocean and air freight, customs brokerage, and warehouse services. The company serves U.S.-based companies that operate in Asia. Financial terms of the deal we’re not disclosed.
“With the addition of GTS, AFF’s reach is global, providing customers with expanded services beyond our primary Jones ACT markets of Alaska, Hawaii, Guam and Puerto Rico,” says AFF CEO Kevin Kelly. AFF is a Fife, Washington-based logistics company that offers ocean freight and other warehouse distribution services of dry and temperature control goods.
Logistics and transportation companies have been receiving strong demand. Atlas Air Worldwide Holdings Inc. (Nasdaq: AAWW) purchased air cargo company Southern Air Holdings Inc.; Bregal Sagemount invested in freight services provider Internet Truckstop Group (ITG); Transport Holdings LLC, backed by Revelstoke Capital Partners, acquired truck provider Jones Motor Group Inc. Cascadia Capital LLC advised GTS. Mayer Brown LLP represented Jordan Co.