Pittsburgh, Pennsylvania – F.N.B. Capital Partners, L.P. (“FNBCP”) announces a transaction with Cox Transportation Services, Inc (“CTS”). FNBCP’s investment was used to facilitate a Management Buyout for the Ashland, VA based Company. FNBCP is a $175 million fund, licensed as a Small Business Investment Company (SBIC) and managed by Tecum Capital Management, Inc.
“We are extremely excited to help support the growth and new ownership at CTS,” noted Stephen Gurgovits, Jr., Managing Partner for FNBCP. “Backing Jay Smith and his team allowed for a smooth transition of ownership. We expect Jay and the CTS team to capitalize on the increasing trucking demand in the United States through its carrier and logistical broker services”.
Other parties involved in the transaction included Capital One Bank as the senior lender and Marriott & Co., which served as the financial advisor to the management team at CTS.
CTS specializes in transporting time-sensitive full truckload freight on a local, regional, and national basis for a variety of customers. The Company also provides logistics optimization services and is one of the largest licensed property brokers in Virginia.