Marriott & Co. Serves as Exclusive Financial Advisor to COX Transportation Services
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to COX Transportation Services (“COX” or the “Company”) in its recapitalization led by Expedition Capital Partners (“ECP”), a private equity firm based in Chicago, IL. Debt financing and equity co-investments were provided by Tecum Capital Partners (“Tecum”), a private investment firm based in Pittsburgh, PA, and Ironwood Capital (“Ironwood”), a private investment firm based in Avon, CT. Senior debt financing was provided by Truist Bank. The transaction closed on July 29, 2020. Terms of the transaction were not disclosed.
Established in 1982, COX provides freight hauling and brokerage services to customers in a diversified group of industries across the U.S. The Company specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. COX also operates a brokerage division that serves carriers and freight customers with logistics optimization services. The Company is based in Ashland, VA.
This is the third successful transaction since 2014 in which Marriott & Co. has advised COX and its President, Jay Smith.
“Marriott & Co. did a fantastic job in managing this transaction process for COX, and I am grateful for the hard work, integrity and professionalism that their entire team displayed from start to finish to generate this successful outcome,” said Jay Smith, President of COX. “I am excited to work with ECP, Tecum and Ironwood as we begin this next phase of our company’s growth in the coming years.”
Mike Hendrie, Founder and Managing Director of ECP, added, “We are excited to partner with Jay, the entire COX team, Tecum and Ironwood on this transaction, and we look forward to continuing to build on the success of COX for many years to come. We also enjoyed working with the Marriott & Co. team and appreciate their efforts to facilitate a smooth closing process.”
“We are honored that Jay provided us with the opportunity to advise COX for the third time in the past six years,” said Justin Marriott, Managing Director of Marriott & Co., “We truly enjoyed working with him and his team on such an important transaction, and we are thrilled to help them achieve such a great outcome.”
About COX Transportation Services:
Headquartered in Ashland, VA, COX (www.truckingforamerica.com) is a leading provider of freight hauling and brokerage services to customers in a diversified group of industries across the U.S. COX specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. The Company also operates a brokerage division that serves carriers and freight customers with logistics optimization services.
About Marriott & Co.:
Headquartered in Richmond, VA, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment banking firm focused on advising privately-held companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Contact: Justin Marriott
Phone: (804) 344-0952