News

Bengur Bryan Advises Dillon Transportation, LLC in its Sale to TFA Logistics, a portfolio company of Expedition Capital Partners.

Bengur Bryan, a leading middle market investment banking firm, is pleased to announce that it served as the exclusive financial advisor to Trans/Air Manufacturing Corp. (“Trans/Air”) in its sale to Lippert Components Manufacturing, Inc., a subsidiary of LCI Industries (NYSE: LCII). The transaction closed on March 28, 2025.

Founded in 1979, Trans/Air is a trusted provider of climate control systems for a wide range of vehicles, including commercial, school, type-A, transit, limo, touring and electric-hybrid buses, as well as specialty vehicles and vans.

Rick Lehnert, President of Trans/Air, stated, “Bengur Bryan has been a trusted partner to Trans/Air for many years, and their guidance was absolutely critical in helping us navigate this transaction. We simply couldn’t have completed the deal without their expertise, dedication, and deep understanding of our business.”

For more information on Lippert and the Transaction click here.

Bengur Bryan, a leading middle market investment banking firm, is pleased to have served as exclusive financial advisor to Ohana Growth Partners, LLC (the “Company”), a leading Planet Fitness® franchisee, on its equity recapitalization and private placement of $270 million of senior debt.

Bengur Bryan has advised Ohana for over 10 years, including the following notable transactions:

• 2014 – Placed the Company’s first institutional credit facility and arranged the Company’s first institutional equity investment, providing additional capital for growth
• 2018 – Advised the Company on its $150 million debt re-finance, a portion of the proceeds of which were used for a minority recapitalization
• 2019 – Advised the Company on a $205 million debt re-finance and minority equity recapitalization
• 2024 – Advised the Company on a $270 million debt re-finance and equity recapitalization

Since 2014, Ohana has successfully executed on its strategy, growing from 28 clubs in three markets to over 80 clubs in six markets today. More information regarding this 2024 transaction can be found here.

“We have been working with the broader team at Bengur Bryan and Exeter Street Capital Partners for over 23 years as one of their affiliates supported a growth financing of two of our Brick Bodies full-service fitness clubs in the early days. When we got the band back together in 2014, to help us finance the growth of our Planet Fitness franchise (that was seven years old at the time), we were extremely pleased with their execution and professionalism in their line of business,” said C. Victor Brick, Executive Chairman and Co-Founder of Ohana Growth Partners.

“The Bengur Bryan team has led us through three debt refinancings and two minority recaps prior to this most recent majority recapitalization with Alaris Equity Partners. We are grateful for the Exeter team’s introduction to Alaris 14 years ago and look forward to this next chapter for Ohana Growth Partners. Not only did we build a relationship based on trust and respect with the Bengur Bryan and Exeter teams, but a strong friendship that will continue for many years to come.”

Bengur Bryan, a leading middle market investment banking firm, is pleased to serve as exclusive financial advisor to Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI), a diversified industrial products and services company, in the sale of its First Source Electronics (FSE) business to Woodson Equity, effective October 30, 2024.

Based in Elkridge, MD, FSE manufactures electro-mechanical assemblies, chassis integration, and cable assemblies, and provides automated warehouse, industrial automation, and engineering solutions.

Woodson Equity, based in Washington, D.C., specializes in supporting and investing in companies across various sectors, including diversified industrials, automotive, transportation and mobility, and business services.

Subir Shah, Operations Executive at Woodson Equity, stated, “We would like to welcome the FSE team to the Woodson family. Our focus is to double-down on FSE’s expertise while building lasting partnerships with our customers and empowering the next generation in our community for long term success.”

Bengur Bryan, a leading middle market investment banking firm, is pleased to announce the recent addition of Davis Looney to the team.

Prior to joining Bengur Bryan, Mr. Looney worked as Director of Business Development at a boutique investment banking firm focused on transportation and logistics, where he assisted in successfully completing 18 transactions. He began his career in international non-profit work where he helped launch three organizations before transitioning to investment banking. Mr. Looney is a graduate of University of Alabama-Culverhouse College of Business.

Bengur Bryan, a leading middle market investment banking firm, is pleased to serve as exclusive financial advisor to AboveAir Technologies (“AboveAir”) in its sale to AirX Climate Solutions (“ACS”), a Gryphon Investors portfolio company. Financial terms of the transaction were not disclosed.

AboveAir, a leading specialty HVAC player focused on the data center market, will become a new division within ACS, adding another respected brand to the leading independent platform for commercial and industrial HVAC solutions. AboveAir significantly expands ACS’s product offering into the data center market, and bolsters ACS’s leadership position as a national full-service HVAC provider for specialty and mission-critical applications. With the acquisition, ACS expands its footprint into the Mid-Atlantic region, where ACS will invest in manufacturing capacity at AboveAir’s new 100,000-square-foot facility. With the addition of AboveAir, ACS will have over 700 team members across five manufacturing facilities in the United States.

For more than 20 years, Frederick, MD-based AboveAir has been a leader in the design and manufacturing of indoor precision cooling solutions for today’s mission-critical applications, with a focus on addressing the heat management requirements of data centers and other settings experiencing the rapid growth in computing power demand. Going forward, AboveAir founder Matt Miller will help lead ACS’s data center growth strategy as President of the AboveAir division, reporting to ACS’s CEO Rick Aldridge. Mr. Miller will also become a shareholder in ACS, alongside other members of the management team and Gryphon Investors, a leading middle-market private equity firm with approximately $9 billion of assets under management, which invested in ACS in November 2023.

AboveAir’s President and Founder Matt Miller commented, “We are excited for AboveAir to become part of the Gryphon & ACS families. We’d like to thank Bengur Bryan’s Scott Bass and the entire Bengur Bryan team for their superb guidance and hard work to bring this transaction to fruition for AboveAir and our family.”

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, 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.”

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 & 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.”