Middle-market private equity firm Gryphon Investors bought a majority stake in Nolan Transportation Group Inc. for an undisclosed sum.
The acquisition, made through Gryphon's portfolio company, Transportation Insight LLC, will see Ridgemont Equity Partners exit the acquired company.
Nolan provides truckload brokerage and third-party logistics services. Transportation Insight is a multi-modal logistics provider.
Under the terms of the deal, Nolan will operate as a sister company to Transportation Insight under a holding-company structure. Both businesses will work separately under their existing brands and management teams.
Nolan's senior management, with founder and Chairman Kevin Nolan and CEO Harold Baron, will keep a significant ownership position in the combined company.
Harris Williams served as financial adviser to Nolan, while Evershed Sutherland LLP was its legal counsel. Sheppard Mullin was legal adviser to Transportation Insight and Gryphon, with North Inlet as their financial adviser.