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Palm Beach Capital Acquires Stake in Interstate Transport, Inc.

Wednesday, July 22, 2009  
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Interstate Transport, Inc

Tel 727-822-9999 | Fax 727-894-9999

324 1st Avenue North; Saint Petersburg, Florida  33701

   www.Interstate-Transport.com   www.InMotionGlobal.com      

 

FOR IMMEDIATE RELEASE
For More Information Call:

Mike Olson (727) 822-9999 ext. 1444

Palm Beach Capital Acquires Stake in Interstate Transport, Inc.

The Florida Based Private Equity Firm Adds To Its Arsenal; Makes Interstate A Platform For Additional Logistics Industry Acquisitions   

 

Saint Petersburg, FL – July 1st, 2009.  Interstate Transport, Inc., America’s leading logistics, logistics software, and freight transportation company, today announced that Palm Beach Capital (PBC) has purchased a significant, but non-controlling, stake in the company.  Palm Beach Capital has added Interstate to its growing portfolio of companies as a platform for further expansion into the trucking, transportation, and logistics space.
 

Gloria Higham, Interstate’s Executive Vice-President stated, “This is an exciting time for Interstate, our employees, and our customers.  To be approached by a leading private equity firm and to close a deal in this economic environment speaks volumes of our years of operational excellence, steadfast aversion to debt, focus on profitability, and dedication to sustainable levels of growth.  Over the years, we have waited patiently for the right partner.  We now have what we need to continue our amazing journey.”

 

Interstate has been an anomaly in today’s difficult economy.  In 2008, it spun off its successful transportation management system, InMotion Global TMS™, into its own wholly owned subsidiary, InMotion Global, Inc.  The company has also been hiring staff and is expanding its Saint Petersburg, Florida headquarters. 

 

Shaun McGruder, a Palm Beach Capital founding partner stated, “To find such a clean and well-run company in today’s business environment is rare.  We immediately knew Interstate and its team were a great fit for our growth model.  We have been interested in the logistics and freight distribution space for several years, but we couldn’t find the right fit.  However, Interstate surpassed our expectations in every way.  It will become the platform company we need to help us integrate and digest further acquisitions in this space.  For private equity firms with committed capital funds and an interest in moving quickly, there is ample opportunity when partnerships like this are forged.  Interstate will make significant headway through organic growth and acquisition of other logistics providers.”

 

Tim Higham, president and CEO at Interstate, added, “We are incredibly excited that Palm Beach Capital has partnered with us.  PBC’s considerable capital, expertise, and eagerness will quickly take Interstate Transport and InMotion Global to the next level.  We have outlined a preliminary growth plan that we will immediately begin to execute.  The plan includes adding significant truck and freight movement capacity, regional and national office locations, and providing the kind of industry leading distribution solutions for which we are already nationally renowned.”

 

Raymond James & Associates, Inc. served as financial advisor and Trenam Kemker served as legal counsel for Interstate Transport in the transaction.

 

Learn more about Interstate Transport, Inc. at www.Interstate-Transport.com, or call Mike Olson at (727) 822-9999 ext. 1444.

 

About Palm Beach Capital:

 

Founded in 2001, Palm Beach Capital is a private equity investment firm which specializes in making investments in growing privately-held companies.  With offices in both West Palm Beach and Tampa, Florida, the firm focuses on high growth investment opportunities with enterprise values ranging from $10 million to $100 million and EBITDA of $3 million and above.  Since its inception, Palm Beach Capital has made investments in 28 companies and has approximately $200 million in total assets under management.  For more information, please visit the firm's website at www.pbcap.com.

 

About Interstate Transport:

 

Interstate Transport, Inc. is one of the fastest growing logistics providers in the United States.  Interstate provides logistics, trucking, and distribution services and complete logistics outsourcing solutions including transportation management software (InMotion Global TMS) to customers across the United States.  Interstate’s Freight Management Center (FMC) and Disaster Freight Management Center (DFMC) provide: trucking capacity and Internet load tracking for every shipment, routing and load optimization, Internet load tendering, guaranteed appointment setting and complete efficiency reporting. Interstate Transport, Inc. is headquartered in Saint Petersburg, Florida.  Learn more at www.Interstate-Transport.com.

 

About InMotion Global:

 

InMotion Global, Inc. is a wholly owned subsidiary of Interstate Transport, Inc., and provides the industry-leading Transportation Management System (TMS), InMotion Global TMS with its companion web-portal LoadLink© to customers across the United States.  InMotion Global TMS is fully integrated with the Interstate Transport, Inc. Freight Management Center to provide: freight capacity, Internet load tendering and tracking, routing, load optimization, guaranteed appointment setting and complete efficiency reporting.  In 2009, InMotion Global TMS was named one of the best transportation management software solutions in the world by Inbound Logistics.  InMotion Global, Inc. is headquartered in Saint Petersburg, Florida.  Learn more at www.InMotionGlobal.com.

 


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