ATL Partners led a group backing a $300m-plus investment in Arrive Logistics, giving the group the largest stake in the freight-brokerage company.
Boston-based hedge-fund manager Baupost Group, Canadian pension fund British Columbia Investment Management Corp. and Singapore sovereign wealth investor Temasek Holdings also were part of the investor group, according to a news release.
Lead Edge Capital, a New York-based growth stage-investment firm that initially backed Arrive in 2018, sold a portion of its stake in the Austin, Texas-based company, said Frank Nash, ATL’s founder and managing member.
Mr. Nash said that his firm was drawn to the company, which helps connect shippers that have freight to haul with logistics carriers capable of transporting that freight, partly because of the rapid growth it has achieved since its formation in 2014.
The freight broker, which until now had raised a total of $50m from Lead Edge and other investors, expects to generate more than $1.2bn in revenue this year, the release said. That is a 48% increase from $810m in revenue last year and more than double the $530m recorded in 2019.
Source: Wall Street Journal
Can’t stop reading? Read more
Blackstone strikes $6bn+ deal to acquire energy data firm Enverus
Blackstone strikes $6bn+ deal to acquire energy data firm Enverus Blackstone has agreed to acquire...
Uber seeks private equity backing to scale robotaxi ambitions
Uber seeks private equity backing to scale robotaxi ambitions Uber is in discussions with private...
Apollo and Butterfly raise $527m to drive Qdoba’s franchise-led growth
Apollo and Butterfly raise $527m to drive Qdoba’s franchise-led growth Butterfly Equity has closed...