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August 30, 2017 1:15 PM, EDT

Equity Group Buys Majority Stake in Chemical Hauler Odyssey

A private equity group has reached a deal to become the majority owner of Odyssey Logistics & Technology, a third-party logistics company specializing in chemical transportation.

The Jordan Co. will purchase all the shares held by the venture capital firms that invested in the startup phase.

Odyssey’s senior management, including CEO Bob Shellman and CFO Cosmo Alberico, will continue to run the company.

“With The Jordan Co., Odyssey will continue its path of strategic growth, both organically and through acquisitions,” Shellman said. “This transaction underscores our consistent focus on providing broader service offerings, a larger transportation network and advanced technology to enhance our global supply chain capabilities.”

“The Jordan Co. targets partnerships with established and profitable companies like Odyssey,” said Brian Higgins, a Jordon Co. senior partner. “We are excited to partner with Odyssey’s leadership team and to support their vision for continued growth through investment in services and technologies for their customers.”

J.P. Morgan was the financial adviser to Odyssey in the transaction, but terms of the deal were not disclosed.

Odyssey, which is based in Danbury, Conn., ranks No. 50 on the Transport Topics Top 50 list of the largest logistics companies in North America.