Proficient Transport IPO Aims to Acquire Five Firms, Boost US Vehicle Logistics Presence
Proficient Transport, a leading logistics company, is set to raise $215m through an IPO, aiming to acquire five other firms in the vehicle logistics sector. The combined group will operate 49 facilities across the US, serving a wide range of customers.
Proficient Transport, with $135.8m in operating revenue and $7.2m in net income in 2023, initially planned to raise $100m but has since increased its target to $215m. The company aims to sell 14.33m shares of common stock at a proposed midpoint price of $15 per share.
The IPO proceeds will be used to pay the equity holders of the acquired companies, with $180.4m earmarked for this purpose. Proficient Transport seeks to combine with five other logistics companies, following a trend of consolidation in the FVL sector. Two of these companies, Tribeca Automotive and Delta Automotive Services, are in discussions to sell to unaffiliated third-party purchasers.
The Finished Vehicle Logistics North America 2024 conference, taking place on 21-23 May at Waterfront Beach Resort, Huntington Beach, California, will provide analysis and expert insight on market drivers, disruptors, and consolidation in the North American vehicle logistics industry.
The success of Proficient Transport's IPO and acquisitions is dependent on both transactions closing simultaneously. If successful, the combined group will operate 49 facilities throughout the US, serving customers from large OEMs, dealers, and rental and leasing firms.
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