Private equity firms Angeles Equity Partners and KJM Capital have acquired a majority stake in cold chain freight carrier Freymiller (CCJ Top 250, no. 147). Financial terms were not disclosed.
Headquartered in Oklahoma City, 600-plus truck Freymiller provides national refrigerated load, dedicated refrigerated trucking, logistics brokerage and intermodal transportation services.
Angeles and KJM will partner with Freymiller President and CEO David Freymiller to drive the next stage of the company’s growth.
“The transportation and logistics market has seen significant disruption from the COVID pandemic. We believe that specialty providers with scale, like Freymiller, stand to benefit from the current macroeconomic environment, as demand for refrigerated logistics continues to grow in a market with tight capacity," said Angeles Principal Sam Heischuber.
The investment in Freymiller originated from a targeted sector focus on differentiated transportation and logistics providers. The two firms said their experience partnering with transportation and logistics companies to drive growth led them to specifically target refrigerated transport providers with scale and tenured management teams that could aggressively pursue organic growth and strategic mergers and acquisitions.
“This investment represents an opportunity for us to accelerate our growth," said David Freymiller. "We will focus on our mission to provide the most reliable temperature-controlled services to our partners while staying true to our values of safety, professionalism, integrity, and excellence. I am looking forward to the next chapter in our company’s story in partnership with Angeles, as we provide more opportunities for our team members and expand partnerships with our customers.”
June has been a hot month for acquisitions among CCJ's Top 250 for-hire carriers. Freymiller's is the fifth, joining Fastfrate's acquisition of Challenger Motor Freight (No. 77); PAM's purchase of Metropolitan Trucking; Heartland Express (No. 42) picking up Roaring Spring, Pennsylvania-based Smith Transport (No. 111); and Schneider's (No. 8) acquisition of deBoer Transportation, a regional and dedicated carrier headquartered in Blenker, Wisconsin.
