IG Assists in Sale of Drayage Trucking Services Company

Company is highly regarded within the import/export industry; speedy closing accomplished with buyer and seller

September 2020 - The Independence Group (IG) has assisted in the sale of its client, a Drayage Trucking Services Company, to an investment group specializing in the drayage/short haul trucking sector.

The Company, located in the Bay Area of Northern California, has been serving the transportation industry for 17 years. It provides drayage trucking services for steamship lines, freight forwarders and other customers requiring transport of cargo. Drayage signifies the hauling of cargo over a relatively short distance, such as from a ship or a marine terminal to a warehouse. The Company is known for its efficiency in transporting large volumes of goods within strict timelines.

The Buyer is in the process of assembling a group of similar companies in the U.S. and this acquisition will be a key element to growth in the drayage sector. An industry expert/operator was brought in to relieve the Seller, who will exit after a brief transition phase.

Tony Roe, IG's Vice President of Business Development, built a solid three-year relationship with the seller. “We actually had to put this deal on hold for a year while the state legislature passed a law that resulted in our client’s truck drivers being reclassified as employees," says Roe. "This change overcame the leading objection from buyers and we found the ultimate buyer almost immediately after returning to market. Persistence and patience were key to the successful outcome."

With offices in California, on the East Coast, in the Upper Midwest and in Texas, IG represents clients from across the U.S. The firm works in tandem with its buy-side services division, Acquisition Partners (AP), to provide a full range of M&A services. For more information about AP visit www.acq.partners.