Endeavour Capital has acquired Port Logistics Group, which currently operates more than 5 million square feel of warehouse space domestically, from its owner Austin Ventures for an undisclosed amount.
The five-year-old 3PL, which was formed through the purchase of several regional service providers, serves the ports of Seattle, New York/New Jersey and Los Angeles/Long Beach. According to officials, Port Logistics' entire management team is staying in place, and the logistics company will continue to operate as normal.
"Like most owners, Austin Ventures looks to provide a return to its investors at certain points and they have owned Port Logistics Group since 2008," Greg Morello, Port Logistcs' chief marketing officer, told American Shipper
. "Late last year, Austin Ventures and the PLG management team began exploring options to re-capitalize the business through new ownership, allow Austin Ventures to provide its shareholders a return on PLG’s success over the last five-and-a-half years, and provide PLG access to new capital to fund our continued growth."
According to a press release, Endeavour completed the purchase because Port Logistics Group fits in well with its logistics strategy. Its transportation and logistics holdings include the truckload services company Market Transport, the air expedited company Network Global Logistics, and barge providers Northland Transportation Company and Tidewater Holdings.
"Endeavour Capital has had great success in the supply chain market and sees Port Logistics Group as a platform for significant growth," Morello said. "This transaction allows us to invest in organic growth initiatives, build scale in our existing gateways, and continue our geographic expansion into new gateway markets."
In December, Port Logistics Group announced its participation at the ports of Los Angeles and Long Beach in the Freight Advanced Traveler Information Program test project put on by the Department of Transportation's Research and Innovative Technology Administration. In the demonstration project, Port Logistics Group partnered with Yusen Terminals and the Harbor Trucking Association to develop solutions for "dynamic travel planning and new communications for freight movement in this region," officials said at the time.