Olathe-base Team Drive-Away, a commercial vehicle logistics provider specializing in Class 8 truck drive-away delivery, was sold by one private-equity firm to another.
The Washington, D.C.-based Carlyle Group acquired the company, which is number 97 in the Ingram’s Corporate Report 100 this year, from CID Capital, based in Indianapolis. Financial terms of the deal were not disclosed, but Drive-Away reported revenues last year of $44.1 million, and a 29 percent growth rate in sales over the last three years. Year-over-year, revenue increased by just over 87 percent.
Drive-Away will be affiliated with Carlyle’s United Road business, which provides finished vehicle transport and logistics services from 90 locations throughout the United States and Canada, moving four million vehicles annually. Meanwhile, Drive-Away and its 45 employees with a network of 500 independent contractors move 20,000 vehicles a year. The Class 8 trucks it transports weigh 33,00 pounds or more. Both firms serve manufacturers, re-sellers, commercial fleets, municipalities, rental agencies, dealers, auctions, web-based logistics firms and individuals.
“Team Drive-Away is a natural fit for United Road that further diversifies our business,” said Mark Anderson, President and CEO of United Road, in a press release. “TDA is a customer-driven business that brings new heavy haul capabilities to United Road. Its asset-light business model of partnering with trusted independent contractors combined with our geographic territories will bring new opportunities and new customers to our combined enterprise.”
Drive-Away was founded in 2007 and purchased by CID in 2015. It also operates affiliate firms Driveaway USA and Fr8 Management. United Road, based in Romulus, Mich., has 1,700 employees, 2,500 company-owned and dedicated independent vehicle carriers, and 4,500 third-party carrier partners.