RoadOne IntermodaLogistics Receives Investment From Private Equity Firm
RoadOne IntermodaLogistics said it has received an investment from Tritium Partners, a private equity firm based in Austin, Texas.
The value of the investment was not disclosed, but Tritium will own a majority of the stock in the company, according to a statement released June 8.
Existing management will remain in place with Ken Kellaway serving as president and CEO and David McLaughlin as chief operating officer and chief financial officer.
Ron Sorrow, one of the founders and CEO of a predecessor company to RoadOne, will join the company as executive chairman of the board.
“We are excited to partner with Ron and Tritium in our next phase of growth,” Kellaway said in a statement. “We will use this opportunity to further invest in our industry-leading technology, our geographic footprint and our services to shippers and owner-operator providers.”
RoadOne provides intermodal drayage services at 40 locations in the United States and Canada and also offers warehousing and distribution services. The company reported revenue of $165 million in 2014 and is the eighth largest company in the intermodal/drayage sector on the Transport Topics 100 listing of for-hire carriers.
Tritium owns stakes in other transportation-related businesses, including freight brokerage firm ReTrans, Port Logistics Group, MIQ Logistics and Newgistics.