Redwood Logistics purchased the Phoenix-based freight management services division of Roar Logistics to expand its presence in the Southwest. Terms weren’t disclosed.
Chicago-based Redwood is a full-service 3PL owned by its management and CI Capital Partners, a private equity investment firm with about $2.4 billion in assets under management.
CI Capital bought a majority stake in Redwood in January and combined it with Westlake, Ohio-based Simplified Logistics, a provider of less-than-truckload logistics services that CI acquired in 2017. The combined firms do business as Redwood and are led by CEO Mark Yeager, formerly Simplified’s CEO, and President Todd Berger, the founder of Redwood. Mark Yeager previously was chief operating officer of Hub Group, where his brother, David Yeager, is CEO.
“After the combination of Redwood and Simplified Logistics, this acquisition is another step toward building Redwood into one of the largest third-party logistics providers in the country,” CI Capital Managing Director Joost Thesseling said.
Redwood ranks No. 20 on the Transport Topics list of top freight brokerage firms in North America. It reported net revenues of $65 million for 2017.