AIT Worldwide Logistics Recapitalizes The Jordan Company
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
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.”
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.