Details of the deal, including how much Greenbriar is investing or what percentage of BDP it will own, “are confidential and will not be disclosed,” said BDP, adding, “Greenbriar made an unsolicited offer to BDP because of our high success rate, growth and desire to work with our leadership team.”
Rye, N.Y.-based Greenbriar has invested in other transportation companies, including Seko Logistics, which it currently owns. Past investments it has exited from include Transplace, Genco Distribution System, Ardmore Shipholding and World Freight Company.
In April 2012, BDP said it was seeking funds for expansion, but denied a report published by Reuters that it was looking to sell itself. In August of that year, BDP said it had decided not to seek an outside investor and would rely on bank financing for growth and remain owned and operated by the Bolte family.
“We first sought out BDP 15 years ago and introduced ourselves because of its outstanding reputation as a customer-focused, global logistics provider with a highly talented team,” said Jill Raker, a managing partner at Greenbriar. “We’ve had the pleasure to get to know the business and team in depth over the last number of years and are thrilled for the opportunity to partner with them and to invest in BDP’s future growth.”
Bolte said, “Greenbriar has a long-standing focus in the logistics sector and understands our business, strategy and culture. This partnership will enable our team to pursue new organic initiatives, acquisitions and investments that provide our esteemed customers with additional solutions to better manage their supply chains.”