Private equity firm Providence Equity Partners has acquired a controlling interest in Global Critical Logistics (GCL).
New York-based GCL specializes in arranging freight transportation for live events (concerts and sports) as well as fine art and luxury cars for shows and auctions. The 3PL’s mission-critical, high-service brands include Rock-it Cargo, DIETL, CARS, SOS Global and Dynamic International. The company also secures and stores high-end items.
GCL executes more than 10,000 projects globally each year out of a network of over 60 offices.
Financial terms of the transaction were not provided, but The Wall Street Journal said the deal totaled more than $1 billion.
“Providence’s commitment validates our customer focus and growth strategy and will expand our capabilities further in the years ahead,” said GCL President and CEO Daniel Rosenthal in a news release. “The Providence team’s proven track record and depth of relationships in our end markets make them the ideal partner for the next chapter of serving our customers.”
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