Kenan Advantage Group Owner Omers Exploring IPO
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Omers Private Equity is exploring an initial public offering of Kenan Advantage Group, one of North America’s biggest tank truck transporter and logistics providers, according to people with knowledge of the matter.
Omers is discussing a U.S. listing in which the North Canton, Ohio-based company may raise about $400 million, said the people, who asked not to be identified discussing confidential information. Kenan could be valued at about $3.5 billion in an IPO, one of the people said.
Decisions, including terms, haven’t been finalized, and Omers could opt to keep Kenan private or pursue other options, the people said.
A representative for Kenan didn’t immediately respond to a request for comment. A spokesperson for Omers declined to comment.
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Kenan ranks No. 22 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. KAG Logistics ranks No. 97 on the TT Top 100 list of the largest logistics companies.
Kenan, led by CEO Charlie DeLacey, has roughly $1.5 billion in outstanding debt, according to data compiled by Bloomberg News. The company delivers energy commodities, food, merchant gases and specialty products across the U.S., Canada and Mexico.
Omers acquired Kenan in 2015 from Goldman Sachs Capital Partners and Centerbridge Partners.
If Kenan takes further steps to go public, it could join the likes of Lineage Logistics, which is weighing an IPO as soon as the second quarter, Bloomberg News has reported. On April 11, Proficient Auto Logistics Inc. filed in the U.S. for an IPO.
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