Calera Capital has acquired a majority stake in the Evans Network of Cos., but CEO Bo Bates, the Evans family and management will retain a significant equity interest in the business, according to a Feb. 9 announcement.
The private equity group provides money to medium-size businesses in exchange for an ownership stake with the hope that revenue, profits and the enterprise value increases over time.
Calera’s Mark Williamson, James Halow and Bob Bianco will join the Evans board of directors alongside Bates, Bert Evans and Mark Fornasiero, private equity partner at Clarendon Group.
“I have known Evans and its management team for over a decade and am a strong believer in the company’s culture, business model and approach. We are delighted to support management as they further realize the substantial potential of the business,” Bianco said.
“We are extremely pleased to be partnering with Calera Capital to support this business in the next chapter of our evolution,” Bates said. “We expect to continue to grow our market position, add to our offering and extend into new arenas, while at the same time preserving the culture and entrepreneurialism that has driven our historical success.”
Terms of the deal were not disclosed.
Evans ranks No. 59 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
