Bengur Bryan Advises Saia, Inc. on its Acquisition of 28 Yellow Corporation Terminals

Bengur Bryan, a leading investment banking firm that provides merger and acquisition services, private placements of equity and debt, and financial advisory services, is pleased to announce that Saia, Inc. was the winning bidder for 28 terminals of Yellow Corporation (“Yellow”) auctioned in connection with Yellow’s pending Chapter 11 bankruptcy.

Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, agreed to pay a total of $235.7 million for 17 Yellow terminals for the first wave of properties that were auctioned in December 2023. These terminals are located in the following markets: Fresno, California; Seaford, Delaware; Augusta, Georgia; Bowling Green, Kentucky; Paducah, Kentucky; West Boston, Massachusetts; Grand Rapids, Michigan; Grayling, Michigan; Duluth, Minnesota; Owatonna, Minnesota; Trenton, New Jersey; Rochester, New York; Akron, Ohio; Youngstown, Ohio; Reading, Pennsylvania; Knoxville, Tennessee; and Laredo, Texas.

Saia, Inc. participated in a second auction held in late December 2023 and secured a winning bid for 11 additional sites at $7.9 million across several Western states with a concentration in Montana, South Dakota and Wyoming.

“The addition of these new facilities furthers our multiyear strategy of expanding Saia’s national terminal footprint and, as they are opened over time, they will enable us to provide better service to both new and existing customers,” said Saia President and CEO Fritz Holzgrefe. “These terminals, once opened, will allow us to provide direct coverage in new markets, add density in existing markets and serve as replacement terminals for some of our existing leased and owned facilities.”

Bengur Bryan Provides Acquisition and Due Diligence Support to Salem One on its Acquisition of iTek Graphics

Bengur Bryan, a leading investment banking firm that provides merger and acquisition services, private placements of equity and debt, and financial advisory services, is pleased to provide acquisition and due diligence support to Salem One on its acquisition of iTek Graphics.

Bengur Bryan provided financial advisory services to Salem One, a leading provider of print-based corporate communication solutions, on its acquisition of iTek Graphics, a prominent printing and graphics company based in Charlotte, NC. Adding to Salem One’s reach and capabilities, iTek Graphics further solidifies the company as a regional and national leader in complete corporate communications solutions.

The acquisition of iTek Graphics by Salem One was funded by investments from Granite Creek’s FlexCap III fund along with a co-investment from Patriot Capital.

“The acquisition brings together two industry leaders, jointly offering a comprehensive suite of packaging, data-driven direct marketing, signage, and logistics services,” said Brian Boorstein, Co-Founder and Partner at Granite Creek Capital Partners. “The blend of resources and expertise from the two companies offers unmatched value for clients looking to streamline their print and marketing, driving greater efficiency in their campaigns.”

As a new division of Salem One, iTek Graphics will continue operating as a stand-alone business unit led by a talented and long-tenured team in Concord, NC. iTek Graphics has built a reputation for its state-of-the-art printing capabilities, innovative design solutions, and unwavering commitment to client success. The acquisition is expected to amplify the company’s current strengths while providing clients with an even more comprehensive range of services.

“We are proud to welcome the team at iTek Graphics into the Salem One family,” said Phil Kelley, Jr., CEO of Salem One. “We have enjoyed a strong relationship with their team over the years and are excited for the opportunities that lay ahead with the joining of our organizations.”

Granite Creek’s Boorstein added, “Phil Kelley is a dynamic leader, and he and the Salem One team found a perfect match in iTek Graphics. Salem One’s acquisition of iTek Graphics strategically combines two outstanding management teams while simultaneously strengthening both companies’ ability to deliver exceptional solutions to clients.”

Bengur Bryan Advises BCB Transport on its Acquisition by CRST

BCB Transport, a safety-focused dry van, refrigerated and non-asset-based logistics company providing high performance service to Fortune 500 customers, today announced that that it has completed the sale of 100% of the Company to CRST.

Privately held, BCB Transport was built with the goal of empowering its team members through collaboration and open communication. Born from the company’s mission to: Be Safe, Communicate, and if you can, Be On-Time, BCB has achieved impressive growth over the past 12 years, strategically operating a flexible asset and asset light capacity model in one of the nation’s densest transportation corridors.

“In CRST, we’ve found the perfect match for our business. A team that shares our commitment to safety first, customer service, and empowering all team members aligns with the principles we defined when we started BCB,” said Rick Larkin, BCB Co-Founder. “We are excited to take this next step and formally bring our teams together.”

“We are thrilled to have BCB join Team CRST. With an impeccable track record for performance and data driven mindset, BCB will complement CRST’s Capacity Solutions business allowing us to find more ways to maximize our capacity and provide unlimited solutions for customers,” said Hugh Ekberg, CRST President and CEO. “In addition to operational excellence, BCB’s industry leading safety efforts align perfectly with CRST’s culture that keeps safety at the core of all we do.”

“We are pleased that we could assist BCB Transport achieve their strategic and financial goals,” said Ramon Suazo, Managing Director of Bengur Bryan.

Advisors
Bengur Bryan & Co., Inc.  served as the exclusive financial advisor to BCB Transport.
Klenda Austerman LLC served as legal advisor to BCB Transport.

Bengur Bryan Represents Cargo Logistics Group In Its Sale To Magnate Worldwide

Bengur Bryan & Co., Inc., a leading investment banking firm, is pleased to announce that Cargo Logistics Group closed on its sale to Magnate Worldwide.

Bengur Bryan served as the exclusive financial advisor to Cargo Logistics Group, a Columbia, Maryland-based company with decades of experience providing innovative and proven international and domestic mission-critical logistics solutions to businesses throughout the world, including export, import, truckloads, air freight, project distribution, ocean and other services all through their webtrak portal technology.

“We are proud to have worked with the Cargo Logistics’ team on this transaction. David Cook has built an outstanding company that is focused on providing top-tier global freight forwarding and other logistics services to its clients. As part of the Magnate Worldwide family, Cargo Logistics brings its expertise to a larger platform that will allow it to provide expanded services to existing clientele while expanding Magnate’s service offering to its own client base,” said Scott Bass, Managing Director of Bengur Bryan & Co., Inc.

Magnate’s acquisition of Cargo Logistics Group furthers Magnate’s strategic plans for growing value-added, mission-critical services. Cargo Logistics will become part of Magnate’s Masterpiece International business segment (which provides customs brokerage and international logistics services through 17 offices located in major international shipping hubs throughout the U.S.) and expand its footprint, adding a direct presence in the Baltimore and Washington, DC areas.

“We enjoyed working with the Bengur Bryan team. Their expert guidance throughout the entire process resulted in finding a great new home for Cargo Logistics and our entire team,” said David Cook, Founder and CEO of Cargo Logistics Group. “I would highly recommend Bengur Bryan to other business owners looking for expert transaction advice; their focus on my goals for Cargo Logistics’ next phase made for a smooth process, and they exceeded my expectations.”

Bengur Bryan Represents Carbon Express In Its Sale To Kenan Advantage Group, Inc.

Bengur Bryan & Co., Inc., a leading investment banking firm, is pleased to announce that Carbon Express, Inc., closed on its sale to Kenan Advantage Group, Inc. (“KAG”).

Bengur Bryan served as the exclusive financial advisor to Carbon Express Inc., a New Jersey-based company that transports liquid bulk products throughout North America, including chemicals, transformer oil, motor oil, lubricants and water treatment chemicals.

“We are excited to join KAG and leverage our combined expertise to further our commitment to our customers. Bengur Bryan played a critical role in guiding us through the entire transaction process. I wanted to thank Ramon Suazo, Scott Bass and the rest of the Bengur Bryan team for all their hard work.” said Steve Rush, Carbon Express’s Executive Chairman and founder.

The acquisition will allow KAG, North America’s largest tank truck transporter and logistics provider, to expand into the specialty products market, as well as explore opportunities in to increase its footprint into Northeastern U.S.

“We are pleased that we could leverage our deep industry knowledge and relationships to maximize value for Carbon Express,” said Scott Bass, Managing Director of Bengur Bryan. “We look forward to seeing the continued success and industry-leading innovation from Carbon Express as part of the Kenan Advantage Group.”

Bengur Bryan Advises 3E, LLC on Acquisition Financing

Bengur Bryan & Co., Inc., arranged senior debt and preferred equity for 3E, LLC (the “Company”), a utility service provider, to support the Company’s acquisition of Diversified Utility Services and Player and Company.

3E, LLC (www.3einfrastructure.com) is a utility service provider that installs, inspects, maintains, and replaces critical infrastructure throughout the United States. The Company currently provides its services through multiple branded operating subsidiaries. 3E is a Minority Business Enterprise and a portfolio company of 35711, a private investment firm with holdings in the data center, technology, and infrastructure services industries.

“We were excited to partner with the Bengur Bryan team again to close these acquisitions,” said Jay Scherer, Principal at 35711. “The additions of Player and Company and Diversified Utility Services expand our existing utility operations with complementary products and services and increase our southeastern workforce allowing 3E to continue to meet growing customer demand with local resources. Founder and Chairman of 35711, Dale LeFebvre, said, “The integrity, values, and customer focus of Player and Diversified Utility Services make them a great fit within the 3E family. Bengur Bryan played a critical role in driving these deals to close, and we, again, benefited from their strategic insights and industry knowledge.”

Player and Company provides specialty electrical, piping, and construction services throughout the southeastern United States to Industrial, Utility and Aviation infrastructure markets. Founded in 1946, Player and Company is based outside Atlanta, GA, and is minority-owned.

Diversified Utility Services is a natural gas utility construction and maintenance provider, serving Alabama, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia. Diversified Utility Services is a minority-owned business and based in Morrow, GA.

Bengur Bryan Announces Closing of Andlauer Healthcare Group’s Acquisition of Boyle Transportation

We are pleased to announce that Andlauer Healthcare Group (AHG) closed its previously announced acquisition of Boyle Transportation. Bengur Bryan acted as the exclusive financial adviser to Boyle Transportation in its announced sale to AHG.

Boyle Transportation tombstone

The purchase price for Boyle Transportation was approximately $80 million, subject to customary purchase price adjustments, and was satisfied through the issuance of 522,116 subordinated voting shares and cash of approximately $60 million.

Boyle Transportation provides specialized transportation services to clients in the life sciences and government/defense sectors. Boyle Transportation joins AHG’s comprehensive platform of dedicated healthcare supply chain solutions and continues to be led by the existing leadership team.

“We’re proud to join the Andlauer team,” stated Andrew Boyle and Marc Boyle, Co-Presidents of Boyle Transportation. “As part of the highly regarded AHG platform, we are confident that this strategic move will help Boyle Transportation and AHG deliver a broader suite of services to our valuable clients and apply our expertise on a greater scale.”

“We are pleased that we could utilize our deep industry knowledge to maximize value for Boyle Transportation,” said Scott Bass, Managing Director of Bengur Bryan. “We look forward to seeing the continued growth of Boyle Transportation as a part of AHG.”

Bengur Bryan Advises Management of Boyle Transportation in its Sale to Andlauer Healthcare Group

text reads Boyle We deliver security

Bengur Bryan, a leading investment banking firm that provides merger and acquisition services, private placements of equity and debt, and financial advisory services, announced today that the firm acted as the exclusive financial adviser to Boyle Transportation in its announced sale to the Andlauer Healthcare Group (AHG) for approximately $80 million, subject to customary purchase price adjustments, of which $60 million of the purchase price will be payable in cash and $20 million will be satisfied through the issuance of AHG subordinate voting shares to the sellers.

Boyle Transportation provides specialized transportation services to clients in the life sciences and government/defense sectors. Boyle Transportation adheres to stringent quality and security standards, employs highly trained and dedicated professionals, continually invests in advanced technology and equipment, and has an expansive reach across the United States.

The company was recently named the “Best Overall Winners” for the second year in a row in the Best Fleets to Drive For®, an annual program dedicated to uncovering the best workplaces in the North American trucking industry, produced by the Carriers Edge and Truckload Carriers Association. Boyle Transportation will join AHG’s comprehensive platform of dedicated healthcare supply chain solutions and continue to be led by the current executive leadership team.

“We are thrilled to be welcoming the Boyle Transportation team to Andlauer Healthcare Group,” stated Michael Andlauer, Chief Executive Officer of AHG. “Boyle is a leader in the temperature-sensitive life sciences sector and brings complementary security and visibility capabilities to the defence sector. Boyle has a strong commitment to customer-focused care and a people-first approach, which are core values of the Andlauer Healthcare Group.”

“We’re excited to join the Andlauer team,” stated Andrew Boyle and Marc Boyle, Co-Presidents of Boyle Transportation. “As part of the highly regarded AHG platform, we will be able to offer a broader suite of services to our valuable clients. We are confident that this strategic move will help Boyle Transportation continue to be the provider of choice to clients and the employer of choice to transportation and logistics professionals in the U.S. The Bengur Bryan team was an integral part of the entire process, providing comprehensive transaction advice. They focused on achieving the best deal structure and strategic outcome for Boyle Transportation.”

“We are proud to partner with Andrew, Marc, and the Boyle Transportation team to bring this deal to fruition,” said Scott Bass, Managing Director of Bengur Bryan. “This is the 30th deal we’ve completed in the transportation and logistics industry, and we are pleased that we could utilize our deep industry knowledge to provide insights and maximize value for Boyle Transportation.”

Bengur Bryan Advises Three Wire Systems, LLC on Growth Capital Financing

Three Wire Systems logo

Bengur Bryan provided financial and strategic advisory services to Three Wire Systems, LLC (“Three Wire” and “Company”) as part of a growth capital financing. Three Wire engaged Bengur Bryan to provide financial and strategic analysis for the Company, including the evaluation and modeling of multiple growth capital financing proposals to support the projected growth of the business.

Founded in 2006, Three Wire Systems, LLC is the leader in innovative and efficient technology solutions for government agencies and large enterprise corporations looking to modernize with innovative and efficient technology solutions. Three Wire designs solutions to support business goals and deliver superior results in a cost-efficient manner. Three Wire’s MyAdvisor® division provides holistic care to individuals and families, with access to one-on-one care coordination sessions in behavioral health, wellness, navigational advocacy, financial literacy, and career development. This includes the VetAdvisor® program, an American Association of Suicidology (AAS) accredited member, with over a decade of experience in health and wellness serving military veterans, active-duty service members, national guardsmen, and reservists.

“From the moment we engaged Bengur Bryan, we knew we made the right decision. Their strategic instincts and financial acumen, combined with their knowledge of the government services sector, proved to be incredibly valuable to our company,” commented Three Wire Chief Executive Officer Greg Feldman. “The structural concepts that Bengur Bryan laid out provided us with insight on how to best structure our growth capital.”

Bengur Bryan Advises 3E, LLC

3E, LLC

Bengur Bryan arranged $67.5 million in senior debt and preferred equity for 3E, LLC (the “Company”), a utilities service provider, to repurchase equity from a minority investor and refinance its debt to position it for growth.

Under the Benton-Georgia, LLC and Pipe Strong, LLC subsidiaries, 3E installs, inspects, maintains and replaces critical infrastructure for blue-chip, investor-owned natural gas utilities throughout the Southeast and Midwest regions. With history dating back to 1914, 3E enables utilities to reach their infrastructure goals and is well positioned to help its utility partners expand, improve maintenance and replace aging utility networks. The Company is a certified Minority Business Enterprise and is wholly owned by 3.5.7.11, a technology development, patent and private investment firm which has holdings in the data center, energy and financial services industries.

“The Bengur Bryan team served as an invaluable resource in structuring a transaction that allowed us to buy out our non-control equity partner and arrange a capital structure that sets up 3E to better serve our customers,” said Dale LeFebvre, founder of 3.5.7.11. “The team expertly managed a complex multi-party transaction and negotiated numerous competing interests, allowing us to reclaim 100% of the equity ownership and position our Company for growth. We look forward to continuing our relationship with Bengur Bryan.”

“Scott, Pat and Charles at Bengur Bryan partnered with us to execute a complicated set of transactions with multiple parties on a very tight timeline,” said 3E Chief Financial Officer Jay Scherer. “The Bengur Bryan team was instrumental in supporting and preparing 3E for its next chapter of growth.”