The private equity firm majority owner of Transervice Logistics has announced the acquisition of Massachusetts carrier Lily Transportation.
The president and CEO of Lake Success, N.Y.-based Transervice Logistics, Gregg Nierenberg, also will be president and CEO of Needham, Mass.-based Lily Transportation, according to a company statement.
ZS Fund LP is the private equity firm that owns the two companies.
Lily Transportation is a dedicated contract carriage company.
The increased scale is concentrated in the companies’ dedicated contract carriage and freight brokerage offerings, which are in addition to the contract maintenance and full-service leasing services offered by Transervice Logistics.
This transaction provides more flexibility when matching prospective new customer needs and locations with each company’s strengths, Nierenberg said in the announcement.
The two companies have an aggregate of 2,600 employees, including over 1,750 drivers for dedicated contract carriage services, according to the announcement. There are more than 185 locations and approximately 27,000 pieces of equipment. The combined entities’ increased scale will create opportunities for its customers to benefit from shared buying power, knowledge, best practices and technology advancements.
The parties involved
ZS Fund LP is the private equity firm that owns Transervice and Lily. It has been in business since 1985.
Transervice Logistics was founded in 1969. It is owned by ZS Fund L.P., as well as current and former executives of Transervice. The company offers dedicated contract carriage, contract maintenance, full-service leasing and freight brokerage. Transervice operates out of more than 135 facilities across North America and manages over 25,000 pieces of equipment. It has 1,200 employees, including over 650 drivers and 350 technicians.
Lily Transportation’s roots date back to 1943, when the company assisted the military with truck transport during World War II. It began as a leasing company in 1958, and in 1967 started a trucking division (soon to become Dedicated Contract Carriage) for a regional food distributor. Lily sold its leasing division in 2007 and concentrates solely on dedicated contract carriage. The company manages over 2,250 pieces of equipment in more than 50 locations, staffed by over 1,400 team members, including over 1,100 drivers.
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