News
Charterhouse Portfolio Company Acquires Synergy Cargo Logistics
New York, February 12, 2008
Towne Holdings, Inc. ("Towne"), a portfolio company of Charterhouse Group, Inc., today announced the acquisition of Synergy Cargo Logistics ("Synergy"), a leading regional provider of airport-to-airport and local pick-up and delivery transportation solutions. The acquisition of Synergy gives Towne a leading presence in the Southwest and adds four new full-service terminals to Towne's national network. The Synergy transaction reinforces Towne's position as the largest privately held provider of airport-to-airport transportation solutions.
"The acquisition of Synergy, with its strong market position in Arizona, Nevada and California, will broaden our footprint, add significant depth and efficiency to our network, and, through Synergy's El Paso station, give Towne better access to Texas," stated Tom Downey, President and CEO of Towne Air Freight. "Synergy's excellent service reputation and strong management made it a perfect addition to our fast growing company."
"After the tremendous success of Towne's purchase of Complete Transport a year ago, we worked closely with Tom and his team to support the Company's ongoing acquisition strategy" said Christian Hensley, a Charterhouse Principal. "We will continue to evaluate ways to help Town grow both organically and through acquisitions as it looks to expand its national service offering."
"We look forward to supporting Towne's aggressive growth plan in the years to come," added Jay Gates, a Charterhouse Partner. "Our partnership with Towne is a perfect example of Charterhouse's core investment 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 through 53 terminals 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 Synergy
Synergy is a privately held "asset light" logistics company that was founded by Kim Sheridan-Rohasek in 1994. Based in Tucson, Arizona, Synergy provides transportation solutions for domestic and international freight forwarders 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, please visit www.charterhousegroup.com.
Contacts:
Charterhouse Group:
Jay Gates, Partner - (212) 584-3223, jgates@charterhousegroup.com
Christian Hensley, Principal - (212) 584-3206, chensley@charterhousegroup.com
Towne:
Tom Downey, President and CEO - (574) 233-3183
Charterhouse Group, Inc.
535 Madison Avenue
28th Floor
New York, NY 10022-4299
T: (212) 584-3200
F: (212) 750-9704
www.charterhousegroup.com
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