周三上午, 奥斯丁, Texas-based freight brokerage Arrive Logistics announced that ATL Partners, 这家总部位于纽约的私募股权公司专注于航空航天领域, 运输和物流, led a funding round of more than $300 million to become Arrive’s largest minority owner. ATL Partners was joined by Baupost Group, British Columbia Investment Management Corp. 和淡马锡.
ATL Partners will add Andrew 克拉克, Jerome Lorrain and Paul Bell to the board of directors. 克拉克，前Forward Air, Panther Expedited和C.H. 罗宾逊将以董事长的身份加入arrival的董事会. J.P. 摩根大通董事总经理阿米塔瓦·萨卡尔(Amitava Sarkar)促成了这笔交易, which closed after the offer from ATL Partners preempted the traditional sale process.
Arrive的估值没有公开披露. 该投资包括一级和二级股权, with the large majority of the secondary providing liquidity for early investors.
马特Pyatt, 成为首席执行官, said the company took in gross revenues of $800 million in 2020 and is on track to do $1.2021年达到20亿.
“The investment has been a long time coming and puts us in a great position for the next five years of growth,”Pyatt说. 在与freightwwaves的对话中, Pyatt recounted Arrive’s history of capital raises — three rounds totaling about $50 million since the company was founded in 2014 — and noted that Arrive had scaled despite being undercapitalized relative to some of its growth-y peers.
Running hard on a thin balance sheet meant that Arrive was forced into some reactive decisions when COVID-19 shutdowns turned freight markets upside down in 2020. Pyatt说 that the 10% headcount reduction and temporary hiring freeze meant that Arrive’s teams were strained when freight heated back up. This investment will allow Pyatt and his team to focus on a long-term strategy regardless of freight market volatility.
“We’re a billion dollar company and we’ve always had a thin balance sheet,”Pyatt说. “We wanted to have a larger vision — being short-term creates thrash.”
安德鲁·克拉克同意, adding that he was excited to inject substantial capital into the business and help prepare it for the next stage of growth.
“One of [co-founder and president] Eric [Dunigan] and Matt’s strengths is their ability to see through the cycle,”克拉克说. “现在，它们也拥有了在整个周期中运作的资本.”
First on the list of priorities for Arrive’s new cash infusion is dramatically increasing the 3PL’s technology investments. 从历史上看, Arrive每年在技术上花费大约500万美元, 首先定制一个现成的TMS，然后构建自己的TMS. Tech spend will grow to $20 million this year and run at $30 million annually for the next five years, Pyatt说. And that figure accounts for internal development work not including purchased software, data, 或集成.
“Our carriers and our customers want new capabilities and features,”Pyatt说, noting that Arrive’s planned expansion into new service offerings — potentially including a managed transportation platform for small and midsized businesses — also requires a larger software development team.
Expanding Arrive’s services is another priority for Pyatt, Dunigan and the leadership team. 到目前为止, 达伊约95%的业务都是整车经纪业务, with the remaining 5% composed of a smattering of less-than-truckload and intermodal. 皮亚特希望加大投资，扩大这些产品的供应, 他也在考虑跨境服务, 加快和, 是的, 国际. 到计划加1,在接下来的三年里，每年净增3万名新员工, rapidly accelerating from its current headcount of approximately 1,300名员工.
Eventually Arrive will decide whether to buy or build an 国际 freight forwarding division, and Pyatt is betting that Jerome Lorrain — who served as the chief executive officer of CEVA Logistics and on the board of Pilot Freight Services — can help. 克拉克, 当然, oversaw the acquisition and integration of several freight forwarders as chief financial officer at Robinson.
The war chest will also help Arrive double down on its long-standing “corridor” strategy of building highly expert, reliable capacity with small and midsized fleets on dense power lanes. More cash on the balance sheet will let Arrive take on more freight and cultivate deeper relationships with the best carriers on those lanes.
现在, much of Pyatt’s attention will turn to planning: to building infrastructure like recruiting and training, preparing to scale the developer team and getting accounts payable and receivable in order.
“We also need to answer questions like: ‘What’s the right velocity of growth?”Pyatt说. “欧冠冠军足彩去年增长了50%，今年也将增长50%. 欧冠冠军足彩可以给出预测, but this investment gives us the flexibility to toggle that growth rate up or down depending on the opportunities we see.”
克拉克’s excitement to work with such a high-achieving team was palpable in our conversation.
“Our job as a board is to make sure the team has the resources and assets they need to be successful,”克拉克说. “We get to use our breadth of experience to help them see around the corner and work on next-level stuff.”
arrival Logistics收购了Forager的跨境业务. Forager is a cross-border technology company focused on Mexico and Canadian cross-border freight.