Firm Acquires Stake In Interstate Transport
Palm Beach Capital, a Florida-based private equity firm, has acquired a stake in Interstate Transport, Inc.
July 7, 2009
Palm Beach Capital (PBC) has purchased a significant but non-controlling stake in Interstate Transport, Inc., a logistics, logistics software and freight transportation company.
"This is an exciting time for Interstate, our employees and our customers," says Gloria Higham, Interstate's executive vice president. "To be approached by a leading private equity firm and to close a deal in this economic environment speaks volumes of our years of operational excellence, steadfast aversion to debt, focus on profitability and dedication to sustainable levels of growth. Over the years, we have waited patiently for the right partner. We now have what we need to continue our amazing journey."
In 2008, Interstate spun its transportation management system, InMotion Global TMS, into its own wholly owned subsidiary, InMotion Global, Inc. The company has also been hiring staff and is expanding its Saint Petersburg, Fla., headquarters.
"We are incredibly excited that Palm Beach Capital has partnered with us," says Tim Higham, president and CEO at Interstate. "PBC's considerable capital, expertise and eagerness will quickly take Interstate Transport and InMotion Global to the next level.
"We have outlined a preliminary growth plan that we will immediately begin to execute. The plan includes adding significant truck and freight movement capacity, regional and national office locations and providing the kind of industry leading distribution solutions for which we are already nationally renowned."
To learn more about Interstate Transport, Inc., click here.