- Transaction builds on EQT's thematic investment strategy in the
Transportation and Logistics sector, which supports the safe,
efficient, and low-carbon movement of goods through the supply
chain
- EQT will leverage its significant experience in fleet
electrification and digitalization to support management in
executing the Company's growth initiatives while remaining focused
on providing exceptional service and differentiated value to
customers
STOCKHOLM, March 29, 2023 /PRNewswire/ -- EQT is
pleased to announce that the EQT Infrastructure VI fund ("EQT
Value-Add Infrastructure") has agreed to acquire Lazer Logistics
(the "Company") from funds managed by Harvest Partners. Financial
terms of the transaction were not disclosed.
Founded in 1996 and headquartered in Atlanta, GA, Lazer Logistics is North America's largest provider of outsourced
yard management and trailer spotting services. With 5,000 employees
and 6,000 fleet assets – including the largest North American fleet
of electric spotters – the Company runs 9 million annual service
hours for a diverse set of blue-chip customers across 39 states and
territories.
Outsourced yard management is a mission-critical service, which
facilitates the safe, efficient, and low-carbon movement of goods
through the supply chain. The sector is highly resilient and
growing due to various thematic tailwinds affecting the logistics
value chain. The importance of the service and the value to
customers is increasing as precision logistics continues to become
a source of differentiation for companies, domestic manufacturing
and eCommerce penetration grow, and supply chain decarbonization
proliferates.
As a leading North American provider of these services, Lazer
Logistics is well-positioned to continue to support customers as
they grow and evolve, while remaining focused on the Company's core
values that include a commitment to service quality, safety, and a
strong entrepreneurial culture, which make Lazer Logistics the
employer of choice across the industry.
EQT will work with management to future proof the company and
position it for long-term success by leveraging its strong track
record of investing in North American Transportation and Logistics
assets and its extensive expertise in fleet electrification and
digital acceleration initiatives.
Crosby Cook, Partner within EQT's Value-Add Infrastructure
Advisory Team, said, "We have followed the progress of the Company
for several years and have been impressed by management's track
record of exceptional customer service, year-over-year growth, and
leadership in areas like electrification and data analytics. We are
excited to support management and the Company through its next
phase of growth and believe EQT's significant experience in the
sector and expertise in electrification and digitalization will be
highly complementary to what is already an exceptional
platform."
Adam Newsome, CEO of Lazer
Logistics, said, "This represents a new and exciting phase for
Lazer Logistics. We have prided ourselves on our relentless focus
on our customer's needs, commitment to safety, and treating all our
employees as family. With EQT's expertise in logistics, fleet
electrification and digital acceleration, we are poised for
continued growth as we further enhance our product and service
offerings for our customers while maintaining focus on our core
business solutions of outsourced yard management and trailer
spotting services."
The transaction is subject to customary conditions and
approvals. It is expected to close in in 2Q 2023. With the
acquisition of Lazer Logistics, EQT Infrastructure VI (target fund
size of EUR 20.0 billion) is expected
to be 10-15 percent invested based on its target fund size
(including closed and/or signed investments, announced public
offers, if applicable, and less any expected syndication).
EQT Value-Add Infrastructure was advised by Jefferies LLC and
Paul, Weiss, Rifkind, Wharton & Garrison LLP. Harvest Partners
and Lazer Logistics were advised by Harris
Williams, William Blair, and
Ropes & Gray LLP.
Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810,
stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office,
press@eqtpartners.com, +46 8 506 55 334
The information contained herein does not constitute an offer
to sell, nor a solicitation of an offer to buy, any security, and
may not be used or relied upon in connection with any offer or
solicitation. Any offer or solicitation in respect of EQT
Infrastructure VI will be made only through a confidential private
placement memorandum and related documents which will be furnished
to qualified investors on a confidential basis in accordance with
applicable laws and regulations. The information contained herein
is not for publication or distribution to persons in the United States of America. Any securities
referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the "Securities Act"),
and may not be offered or sold without registration thereunder or
pursuant to an available exemption therefrom. Any offering of
securities to be made in the United
States would have to be made by means of an offering
document that would be obtainable from the issuer or its agents and
would contain detailed information about the issuer of the
securities and its management, as well as financial information.
The securities may not be offered or sold in the United States absent registration or an
exemption from registration.
The following files are available for download:
https://mb.cision.com/Main/87/3741764/1951088.pdf
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Lazer Logistics EQT
Press Release
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https://news.cision.com/eqt/i/lazer-photo,c3161086
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