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AIT Worldwide Logistics Recapitalizes The Jordan Company

March 18, 2021

After reporting $1.2 billion in gross revenue for 2020, global freight forwarding leader AIT Worldwide Logistics has agreed to recapitalize with New York City-based middle-market financial firm The Jordan Company. 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. (Quad-C), which is selling its full stake in AIT to TJC.

According to Vaughn Moore, AIT’s president and CEO, the recapitalization will support the next phase of the company’s strategic growth plan.

“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,” he said. “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.”

In three-and-a-half years of partnership with Quad-C, AIT’s gross revenue more than doubled and the company launched new vertical market solutions for the automotive, e-Commerce, healthcare and industrial manufacturing industries. AIT’s eleven company acquisitions since 2017 have increased its sales capacity, expanded AIT’s global footprint, provided the organization with technical resources for strategic sectors and strengthened its core services.

“Quad-C has supported our organization on every step of the journey since 2017,” Moore said. “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.”

The transaction is expected to close at the end of the first quarter, subject to customary closing conditions and completion of review under antitrust laws, including the Hart-Scott-Rodino Antitrust Improvements of 1976. 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.

Additional terms of AIT’s recapitalization with TJC have not been disclosed.

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