ATL Partners and British Columbia Investment Management Corporation (BCI) are to sell Pilot Freight Services, a global provider of end-to-end and last mile solutions specialising in big and bulky B2C and B2B freight, to AP Moller – Maersk for approximately $1.7bn.
ATL and BCI acquired Pilot in 2016 after identifying a structural shortage in capacity required to meet the needs of shippers and consumers, which was created by the rapid secular growth in the big and bulky segment of e-commerce home delivery and installation.
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ATL and BCI partnered with management to build Pilot from a family-owned business into the second-largest provider of B2C home delivery in the United States by investing in technology, sales, and operations and acquiring additional capabilities to meet shippers’ needs.
The transaction is subject to regulatory review and approval which is expected to be obtained by Q2 2022. Pilot and Maersk will operate as independent businesses and run their operations as usual until that time.
Source: Private Equity Wire
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