Logistics Giant Set to Raise $215M in IPO for Major Sector Consolidation
A logistics company is set to raise $215m through an IPO, aiming to acquire five other logistics companies in a major consolidation move within the FVL sector. The company's plans include selling 14.33m shares at a midpoint price of $15 per share.
The company's ambitious strategy involves combining with five other logistics companies, with the IPO and acquisitions dependent on each other's closing. This means the company will acquire all five or none at all. The initial target was to raise $100m, but this has been revised to $215m.
The IPO proceeds will be used to pay the equity holders of the acquired companies, with $180.4m earmarked for this purpose. One of the companies, Proficient Transport, reported total operating revenue of $135.8m and net income of $7.2m as of December 31, 2023. If successful, the combined group will operate 49 facilities across the US, serving customers from large OEMs, dealers, and rental and leasing firms.
The company's plans to raise $215m through an IPO and acquire five other logistics companies, if successful, will significantly reshape the FVL sector. The combined group will operate 49 facilities and serve a wide range of customers, demonstrating the company's commitment to growth and consolidation in the industry.
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