Argosy Private Equity announced Monday that it acquired a controlling interest in asset-light 3PL K&L Freight Management. Financial terms of the transaction were not disclosed.
St. Charles, Illinois-based K&L offers expedited ground and air transportation, time-sensitive flatbed and cross-border services, and temperature-controlled logistics. It primarily serves the food and beverage, life sciences and energy markets through “a curated network of highly-vetted carriers.”
“The Company has built a differentiated service-oriented platform that provides specialized logistics solutions to its customer base,” said Seth Wilson, partner at Argosy. “We are looking forward to working with the senior team to help drive the next phase of K&L’s growth.”
K&L recently completed two acquisitions, which expanded its offering and customer book. As part of the latest transaction, the K&L management team has made an investment and will continue to lead the operation.
“We are looking forward to partnering with Argosy as we continue to scale the K&L platform,” said Pat Draut, president at K&L. … “We also intend to continue pursuing opportunities with the same focus on execution that has defined K&L for nearly three decades.”
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