Magnate Adds to Expedited Services With Purchase of Premium Transportation Logistics
Magnate Worldwide has acquired Premium Transportation Logistics, a company based in Toledo, Ohio, that provides expedited ground transportation and freight brokerage services.
Terms of the transaction were not disclosed.
Magnate Worldwide provides expedited air and ground shipping, cross-border freight services into and out of Mexico and international air and ocean freight forwarding. It was formed in 2014 by CIVC Partners and Magnate Capital Partners and is headed by veteran transportation executives Daniel Para, a former president and chief operating officer of Seko Worldwide, and Mike Welch, the co-founder of expedited carrier Express-1 Inc. and a former executive at XPO Logistics.
They are using the company as a vehicle to invest in asset-light transportation and logistics companies that provide time-critical freight services.
In 2015, Magnate Worldwide acquired majority stakes in two companies: TrumpCard Inc., a provider of domestic air and expedited less-than-truckload shipping based in Carlsbad, California, and Somerset Marine Lines, an international freight forwarder based in Cranford, New Jersey.
MWW Logistics, a business unit that began offering cross-border freight services in December 2016, operates from an office in Benton Harbor, Michigan.
PTL, which caters to shippers in the auto, white goods, building products and industrial machinery industries, will enhance Magnate Worldwide’s capabilities in North America and broaden the company’s geographic footprint in the Midwest, according to a press release issued March 28.
“The company’s reputation for impeccable service is a great fit with our customer-focused approach,” said Welch, president of Magnate Worldwide. “We are now even better positioned to meet the full range of customer’s domestic and international logistics needs.”
Welch said Magnate Worldwide continues to look for more companies to acquire in the North American premium transportation and international freight forwarding markets.
CIVC Partners and Magnate Capital Partners are both based in Chicago.
