One Equity Partners Exits Investment in PS Logistics

Doubled EBITDA in Three Years Through 14 Strategic Add-on Acquisitions and Strong Organic Growth

NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has exited its investment in PS Logistics (“the Company”), the nation’s largest flatbed transportation and full-service logistics provider in the United States. Financial terms of the private transaction were not disclosed.

Founded in 2004 and headquartered in Birmingham, Alabama, PS Logistics provides nationwide freight transportation, brokerage, third-party logistics and supply chain services. The Company manages a fleet of over 3,500 tractors and operates a full-service, “asset-right” business model with a driver-centric culture. During OEP’s three-year investment period, PS Logistics’ EBITDA doubled, driven by strong organic growth and strategic acquisitions.

Following OEP’s investment in PS Logistics in March 2018, PS Logistics completed the transformational acquisition of Celadon Logistics in April 2019 and 13 additional acquisitions that added scale, density, non-asset operations and new customers. The acquisition of Celadon strengthened PS Logistics’ non-asset segment by doubling its brokerage and third-party logistics capabilities.

“We partnered with Scott Smith and PS Logistics’ management team because we believed in the consolidation opportunity in the flatbed trucking market. We also believed that PSL’s Driver-First culture would position the Company as an inevitable winner in the tight market for drivers,” said Greg Belinfanti, Senior Managing Director of OEP. “PSL’s industry-leading driver retention rates, organic growth engine, successful track record of executing M&A and strong financial performance support the notion that creating quality jobs can lead to financial success. We are grateful for the strong performance PS Logistics demonstrated over the last three years and are excited about the opportunities ahead for PS Logistics’ management team, employees and driver partners.”

Inna Etinberg, Principal of OEP, added, “We believe that OEP’s transformational acquisition strategy accelerated the Company’s growth trajectory and improved the overall strategic value of the business.”

“OEP has an established and proven track record of partnering with companies, and they have been a great partner in helping to scale our business and to position us for long-term success in a highly competitive market where our solutions provide immediate value to our customers and solve their logistical challenges,” said Scott Smith, CEO and co-founder of PS Logistics.

UBS Investment Bank served as financial advisor to OEP, and Kirkland & Ellis LLP served as legal counsel to PS Logistics and OEP.

About One Equity Partners

One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.

About PS Logistics

Founded in 2004, PS Logistics is one of the largest and fastest growing flatbed transportation solution providers in the United States. PS Logistics provides full-service transportation services, including asset-based transportation, non-asset-based transportation, brokerage, third-party logistics managed transportation, warehousing, and supply chain services. This hybrid model delivers optimal flexibility to address customer’s flatbed transportation needs in various industries throughout the United States. For more information, please visit: www.pslogistics.com.