ITS Logistics Acquired by Two Private Investment Firms
Private investment firms McNally Capital and Coughlin Capital announced they have jointly acquired ITS Logistics, a warehousing and logistics firm based in Sparks, Nevada, for an undisclosed amount.
ITS co-founders Jeff Lynch, Darryl Bader and Dan Allen will retain an ownership stake in the business and continue in their current roles as CEO, chief operating officer and chief financial officer, respectively, officials said in a Feb. 26 statement.
“We are excited to partner with ITS’ management team as they continue their impressive history of growth and expand their solid base of customer relationships,” said John Rompon, managing partner at McNally, a Chicago-based merchant bank that works with high net worth individuals to make private equity investments.
Rompon said McNally brought Coughlin Capital into the deal because of its “relevant industry and operating expertise.”
Since its founding in 2007, Coughlin Capital, based in San Rafael, California, has invested in a number of companies in the logistics, manufacturing, staffing, real estate and sports entertainment sectors. It owns a majority interest in Lumbee Enterprises, a Greer, South Carolina, firm that inspects and recertifies auto parts for the U.S. Postal Service and vehicle manufacturers.
ITS provides a range of distribution services, including order fulfillment, along with freight brokerage, transportation management and supply chain consulting, for clients in the retail, e-commerce, food and beverage and health-care industries. The company operates multiclient and dedicated warehouses in Reno, Nevada, and Los Angeles.
