Internet Truckstop Group announced a “significant” investment from the private equity firm Bregal Sagemount to support expansion of its transportation technology platform.
While exact terms were not disclosed, an ITG spokeswoman said the amount of the investment is between $20 million and $150 million. It also represents the first time that an outside investor has acquired stock in the New Plymouth, Idaho-based company since it was founded by Scott Moscrip as a load matching service in 1995.
“Bregal Sagemount will be a critical ally in the next chapter of our story as we move aggressively to help our customers tackle their biggest challenges,” Paris Cole, CEO of ITG, said in a statement released April 5. “New capital will allow us to continue to innovate and roll out new products, such as our recently launched LoadPay and CargoShield offerings.”
Phil Yates, founding partner at Bregal Sagemount, said the company is excited to partner with ITG and “to further help freight carriers and brokers thrive.”
Yates will join the board of directors of ITG, company officials said.
In addition to its flagship load matching service, ITG provides transportation management, freight payment, telematics and fleet management, bonding and insurance, and accounts receivable financing.
Bregal Sagemount, with offices in New York and Dallas, previously has invested in Cincinnati-based e-commerce service provider TradeGlobal. It currently owns a stake in Keg Logistics, a company that provides keg financing for craft breweries and wineries.
