Growth Capital Provided to One of the Fastest Growing Freight Brokerages in the U.S.
Ridgemont Equity Partners, a middle market private equity investor, announced the closing of a growth equity investment in Nolan Transportation Group (“NTG”). NTG is a leading service provider operating in the high-growth, fast-paced freight brokerage industry. NTG was recognized on the 2016 Inc. 500 list of America’s Fastest-Growing Private Companies.
Ridgemont has agreed to partner with NTG’s management team, who will remain the majority shareholders, to support NTG’s continued rapid growth. Financial terms of the transaction were not disclosed.
Kevin Nolan, NTG’s President and CEO, commented, “This capital raise marks an important milestone for NTG as we continue on our path to become one of the largest providers of freight brokerage services in North America. We welcome not only Ridgemont’s strong logistics expertise but most importantly their cultural fit with NTG, which is integral to the success of our business.”
“We decided to seek a financial partner to bolster our current growth strategy; to continue to build out the best brokerage operations team in the business; and to invest in the tools and technology that will increase our value and integration with our customers and carriers,” said Harold Baron, SVP, NTG.
“We have formed a strong relationship with Kevin Nolan and the NTG team over the past several years, and we’re very excited to be announcing our new partnership,” said Tim Dillon, Vice President at Ridgemont. “NTG is among the fastest growing businesses in the $50 billion truckload brokerage market and we recognize what an outstanding operation Kevin and his team have built. Run-rate revenue is over $300 million and has more than doubled in size over the last two years. We look forward to continuing to scale the business together while preserving NTG’s strong and unique culture.”
“Ridgemont continues to be very active in the third party logistics sector, now closing our third platform investment in the last two years in addition to four add-on acquisitions,” said Rob Edwards, Partner at Ridgemont. “I expect that Ridgemont will continue to find attractive opportunities in the this sector over time.”