News
Towne Air Acquires Complete Transport
New York, February 8, 2007
Towne Holdings, Inc. ("Towne"), a portfolio company of Charterhouse Group, Inc., today announced the acquisition of Complete Transport ("Complete"), a leading regional provider of pick-up and delivery and airport-to-airport trucking for the air cargo industry. The acquisition of Complete adds three new full-service terminals in Kansas City, St. Louis and Nashville to Towne's expansive network and deepens Towne's presence in Atlanta. The Complete acquisition strengthens Towne's position as the largest privately held provider of airport-to-airport transportation solutions.
After nine months of a successful marketing partnership, Towne and Complete agreed that they would best serve their mutual customer base of freight forwarders and airlines as one unified company.
"As a full-service air cargo logistics company, Complete provides an excellent expansion of our service area and continues Towne's tradition of offering local pick-up and delivery service in addition to airport-to-airport service within 45 markets. It seemed only natural to join forces in order to serve our combined clientele with greater reach and reliability," stated Tom Downey, President and CEO of Towne Air Freight. "We are looking forward to welcoming all of Complete's employees, managers and owner-operators to the Towne organization."
"We were delighted to support Tom and his team in executing the first of what we hope will be many successful acquisitions for the Towne platform," added Christian Hensley, a Charterhouse Vice President. "Towne remains an excellent example of Charterhouse's core business strategy of backing strong, entrepreneurial management teams to consolidate fragmented industries."
About Towne
Based in South Bend, Indiana, Towne Holdings, Inc. is a privately held logistics and freight services company that operates through three wholly owned subsidiaries. Towne Air Freight offers air freight trucking service to 45 airports across the United States. Towne Network Solutions provides a comprehensive air freight transportation solution for airlines and air freight forwarders. Rocket Expedited Services provides on-demand ground expedited shipping services to all points in the continental United States and Canada. Charterhouse and management together acquired the Towne platform in November 2005.
For more information, please visit www.towneair.com.
About Complete
Complete is a privately held "asset light" air freight trucking company founded by Dennis Boenker. Based in St. Louis, Missouri, Complete primarily provides local pick-up and delivery services for freight forwarders and airlines in selected markets through its network of independent owner-operators and agents.
About Charterhouse Group
Charterhouse Group, Inc. is a private equity firm with over three decades of experience in building leading middle-market companies. Established in 1973, Charterhouse has invested more than $2 billion of equity capital in over 100 platform companies. Charterhouse manages several limited partnerships and focuses on the business services, healthcare services and consumer industries.
For more information on Charterhouse, please visit www.charterhousegroup.com.
Contacts:
Towne:
Tom Downey, President and CEO, (574) 233-3183
Charterhouse Group:
Jay Gates, Partner, (212) 584-3223, jgates@charterhousegroup.com
Charterhouse Group, Inc.
535 Madison Avenue (at 54th St.)
28th Floor
New York, NY 10022-4299
T: (212) 584-3200
F: (212) 750-9704
www.charterhousegroup.com
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