Enabling Rapid Expansion of a Superior Service Engine
In 2012, AEA’s Small Business Private Equity (“SBPE”) fund invested in The Evans Network of Companies (“Evans”), a family-owned asset-light logistics provider focused on supporting agents and drivers that coordinate and haul intermodal freight. Evans provides national sales, purchasing and other back-office support services to a network of agents and independent contractor drivers who serve thousands of shippers.
In concert with our Executive Partners, The Clarendon Group, AEA SBPE identified Evans on a proprietary basis as a leading outsourced service provider playing in the intermodal market, one of the fastest growing segments of the transportation and logistics industry. During AEA SBPE’s ownership, the team worked closely with management to augment the existing management team, build a strategic board, institutionalize agent and driver recruiting efforts, add more services, invest in industry-leading technology and safety systems, and develop an acquisition program which led to two highly accretive acquisitions. As a result of these efforts, Evans’ organic growth rate increased significantly and the company leveraged its core service competencies to meaningfully expand into adjacent segments such as truckload and brokerage.
Evans emerged as the market leader and continues to attract agents and customers through its innovation and growing, unmatched array of services.
Doubled number of agents and drivers across national footprint
Highly accretive acquisitions completed to expand agent network
Doubled size of agent recruiting team
Outside board members added with deep experience in transportation and logistics
“We partnered with AEA SBPE as we saw the market changing with the increasing need for technology, rising insurance costs, heightening compliance requirements and the need for much broader support for agents across a whole spectrum of needs. We wanted to strike and AEA SBPE provided us with the capital, broad experience and resources for growth and acquisitions, and the support to invest in our team for where we wanted to be in 5-10 years.”