CHARLOTTE, N.C.--(BUSINESS WIRE)--Ridgemont Equity Partners, a buyout and growth equity investor, today announced the recapitalization of eShipping (or the “Company”), a leading, tech-enabled, non-asset based provider of managed transportation logistics services to mid-sized shippers. Ridgemont led the transaction in partnership with Chad Earwood, the founder of eShipping, who will continue as CEO and retain a significant ownership stake in the Company. Financial terms of the transaction were not disclosed.
eShipping is headquartered in Kansas City, Missouri, with regional office locations and distribution centers across the United States. The Company offers a full suite of outsourced logistics solutions, including freight optimization and management, less-than-truckload and truckload brokerage, international air and ocean services, customs brokerage, parcel, final mile, drayage and warehousing. eShipping leverages its proprietary eShipManager transportation management system and business intelligence platform to reduce costs for customers, provide real-time freight visibility and decrease supply chain complications.
“We have great admiration for the business that Chad Earwood and his team have built and have enjoyed getting to know them over the last several years,” said Charles Anderson, Partner at Ridgemont. “The Company’s offerings play an important role in today’s increasingly complex supply chain, especially for medium-sized customers, as the eShipping platform has consistently delivered savings and enabled growth by facilitating more streamlined supply chain management. We’re excited to work alongside the management team to continue to grow the business by winning new customers, continuing to deliver best-in-class service, and actively pursuing strategic M&A.”
“Ridgemont is a very experienced logistics investor and has earned a great reputation as a collaborative partner with management teams,” said Chad Earwood, Founder and CEO of eShipping. “This transaction with Ridgemont brings new capital, fresh perspectives and growth-oriented initiatives to our business and we have many exciting opportunities ahead. We will continue to invest in our technology and expand our market reach, both within our mid-sized customer universe and across transportation modes.”
Financing for the transaction was provided by Crescent Direct Lending and Barings. Alston & Bird and Harris Williams served as legal advisor and financial advisor to Ridgemont, respectively. Stifel served as financial advisor to eShipping.
About eShipping
eShipping is a leading, tech-enabled, non-asset based provider of managed transportation services to mid-sized shippers. Through its proprietary eShipManager platform, the Company offers a full suite of outsourced logistics solutions, including freight optimization and management, less-than-truckload and truckload brokerage, international air and ocean services, customs brokerage, parcel, final mile, drayage and warehousing. eShipping is headquartered in Kansas City, Missouri, with regional office locations and distribution centers across the United States. www.eshipping.biz
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65 billion of committed capital. www.ridgemontep.com
