Financial terms of the deal were not disclosed, but the firms said the addition of NGL’s express division “cements MNX as the largest independent specialty logistics provider serving the life sciences, healthcare, medical device, aviation and technology industries.” NGL was founded in 1971 as the industry’s first same-day air courier and now provides integrated supply chain services, specializing in warehousing, distribution, service parts logistics and forward stocking locations services.
“With this combination, MNX and NGL are better positioned to support customers looking to tap opportunities for growth throughout the world,” the companies said.
The purchase comes shortly after a July recapitalization from MNX investor Audax Private Equity that was meant to accelerate the company’s strategic plan of pursuing acquisitions in the time-critical logistics market. MNX said it would continue to hunt for M&A opportunities that fit this mold.
Based in Long Beach, Calif., MNX provides specialized, expedited transportation and logistics services to clients across the biopharmaceutical, life sciences, medical device, aviation and entertainment industries. The company has regional headquarters in Singapore, Amsterdam and Miami, offering dedicated hand-carries, next-flight-out, inventory management, fulfillment operations and 4PL services management in more 190 countries worldwide.