ConGlobal Industries, Inc. Has Been Acquired by ITS Technologies & Logistics, LLC
HOUSTON, January 15, 2014 - GulfStar Group ("GulfStar") is pleased to announce the sale of ConGlobal Industries, Inc. ("ConGlobal" or the "Company") to ITS Technologies & Logistics, LLC ("ITS"), a portfolio company of The Carlyle Group. GulfStar served as exclusive financial advisor to ConGlobal throughout the transaction, which closed on December 31, 2013.
Headquartered in San Ramon, California, ConGlobal is North America's largest full-service supplier to the intermodal industry, providing depot and container yard services, equipment sales and transportation services. ConGlobal provides equipment repair, maintenance, storage and redistribution services to global shipping and leasing companies. ConGlobal is also a leading retailer of standard and modified equipment in new and used condition to consumers, corporations, and government and military institutions. Additionally, ConGlobal provides transportation services to reposition equipment and manage large or special delivery projects. The Company is built on a network of 31 locations in the U.S., Mexico and Costa Rica.
"ConGlobal sees this acquisition as a tremendous opportunity for the Company to be aligned with one of North America's top intermodal suppliers," said Mike Baldwin, President and CEO of ConGlobal. "ConGlobal and ITS complement each other in network locations and product offerings," Baldwin continued. "This acquisition allows ConGlobal to leverage the strengths of both companies to deliver exceptional service and value to our customers and also provide a positive experience for our suppliers and employees. GulfStar, as our exclusive advisor, played a key role in the entire process and exceeded our expectations."
ITS is a leading provider of rail intermodal terminal services. With over 60 locations in the U.S. and two locations in Mexico, ITS handles more than 6 million lifts annually and has approximately 2,000 employees. ITS customers are among North America's largest railroad and intermodal service providers.
"ITS purchased ConGlobal for its leadership position in the intermodal equipment maintenance and repair sector and exceptional customer service," said Dwight Johnson, President and CEO of ITS. "We are eager to see both companies grow and create synergies and efficiencies as a result of the acquisition for our customers, employees and shareholders."
The GulfStar team included Managing Director Kent Kahle, Vice President Justin Moers, Associate James Berry, and Analysts Kristie Ganss and Trevor Rinker. "GulfStar was honored to represent ConGlobal and its shareholders in this strategic transaction for both of these leading intermodal transportation services businesses," said Kahle.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed approximately 600 transactions in more than 30 states and ten foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.
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