Pittsburgh, PA – An affiliate of Transport Holdings, LLC (“Transport Investments” or “TII”), a portfolio company of Revelstoke Capital Partners LLC (“Revelstoke”), a Denver-based private equity firm, has completed the acquisition of Jones Motor Group, Inc. and its affiliated companies (“Jones”).
Based in Limerick, PA, Jones is an asset-light transportation and logistics company with a diversified freight profile that includes flatbed, heavy-haul, dry van, refrigerated, as well as LTL. Jones is the oldest common carrier in the U.S., with operations dating back to 1894.
The combination of TII and Jones will create a leader in the industry with over $350 million in revenue and approximately 350 agents and 1,400 owner-operators handling approximately 170,000 loads annually.
“In addition to greater scale and capabilities, Jones will further expand our services across end-markets and freight types,” said Douglas McAdams, President, CEO and Co-Founder of TII. “Jones has developed a strong reputation in the industry and is an excellent fit with the TII family of companies. Ken Lacey, formerly the Senior Vice President, has been with Jones for more than 20 years and has been appointed President of the Jones division within TII. James Koegel, formerly the President of Jones, will assume the role of Chairman of the Jones division within TII. We are pleased to have Ken and James join our team and look forward to continuing to provide high quality service to our agents, owner-operators and customers.”
With this investment, Revelstoke has now completed 22 acquisitions totaling over $1 billion in enterprise value since the firm’s inception in 2013.
Winston & Strawn LLP acted as legal advisor and The Clarendon Group II, LLC acted as financial advisor to TII in the transactions. Drinker Biddle & Reath LLP acted as legal advisor to Jones.
TII is an asset-light, agent-based transportation and logistics company with a core competency in providing flatbed, drop-deck, specialized and heavy-haul trucking and brokerage services in the U.S., Canada and Mexico. Through its network of approximately 350 agents and 1,400 owner-operators (as well as over 5,000 approved third-party carriers), TII transports or arranges transport of freight for large, diversified and high-growth end-markets. TII was founded in 1986 and is headquartered in Pittsburgh, PA.
Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy to build exceptional companies. Since the firm’s inception, Revelstoke has raised approximately $2.3 billion of equity and has completed 64 acquisitions, which includes 13 platform companies and 48 add-on acquisitions.