Marriott & Co. Serves as Exclusive Financial Advisor in Management Buyout of Cox Transportation Services
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor in Management Buyout of Cox Transportation Services.
Richmond, VA, September 25, 2014
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce its advisory role in the management buyout of Cox Transportation Services, Inc. and related entities (“CTS” or the “Company”) in a transaction that closed on September 22, 2014. Marriott & Co. served as the exclusive financial advisor to the management team of CTS led by Jay Smith (the “Management Team”) and also assisted in procuring the financing for the transaction, which comprised senior debt from Capital One Bank and mezzanine debt from F.N.B Capital Partners, L.P. (“FNBCP”). Terms of the transaction were not disclosed.
Established in 1982, CTS provides freight hauling and brokerage services to customers in a diversified group of industries across the U.S. CTS 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. CTS is based in Ashland, VA.
Jay Smith, President of CTS, said, “I am extremely bullish on the future of CTS, and I am thrilled about the opportunity to continue leading the Company as we embark on our next phase of growth. I would like to thank Marriott & Co. for the tremendous job they did to ensure the transaction closed on time and in a manner that positions our company for continued success with two strong new financial partners in Capital One Bank and FNBCP.”
“We are extremely excited to help support the growth and new ownership at CTS,” noted Stephen Gurgovits, Jr., Managing Partner of FNBCP. “Backing Jay Smith and his team allowed for a smooth transition of ownership. We expect Jay and the CTS team to capitalize on the increasing trucking demand in the United States through its carrier and logistical broker services.”
“We thoroughly enjoyed working with Jay Smith and the rest of the CTS team on this important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “I know that the Company is poised to continue its strong growth, and we and hope to work together again in the future.”
About Cox Transportation Services:
Headquartered in Ashland, VA, Cox Transportation Services (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. CTS 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, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private 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