Private equity firm Open Road Ventures announced Tuesday that it has acquired 3PL Double-Stack Logistics.
Double-Stack is an intermodal freight broker that has direct relationships with the Class I railroads. Unlike many 3PLs, it owns assets—a fleet of over 150 intermodal containers.
“We take items that typically don’t ship intermodal and work with the railroads to come up with a plan to shift and move that product from over the road to intermodal,” said Joe Kolb, Double-Stack founder and CEO.
Financial terms of the transaction were not disclosed. The financial backing will allow Double-Stack to expand its service offering and North American footprint.
“We’ve done some pretty significant projects, but now it’s time to really start cementing those into steady, consistent opportunities with Open Road Ventures,” Kolb said. “Double-Stack is very much intermodal-focused, but there are a lot of other offerings we can add to our portfolio to help us grow.”
This is the first acquisition for middle-market M&A firm Open Road Ventures. The firm is focused on acquiring small- and mid-size freight brokers.
“Our goal is to bring like-minded business owners together who possess unique logistics tools so that each one of these entities can benefit from each other’s expertise,” said Mike Riccio, founding member of Open Road Ventures. “We have a series of acquisitions in the works and look forward to bringing new partners onboard in the coming months.”
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