Milwaukee—Sept. 6, 2011—Mason Wells, a Midwest-based private equity firm, closed the sale of Prime Logistics Corp. and its wholly-owned operating subsidiary, Prime Distribution Services, Inc. to Roadrunner Transportation Systems, Inc. Prime is a non-asset based provider of logistics and freight consolidation services.
“This sale concludes a highly successful investment by Mason Wells,” said Kevin Kenealey, managing director at Mason Wells. “The success of our investment is in part a result of our partnership with industry investors Mark Holden, Jerry Linzey and Rich Mitchell, who worked closely with Mason Wells and the management team at Prime. During our collective ownership of the company, Prime has executed on the value creation plan we developed together and has achieved strong growth by expanding its services, diversifying its markets, and adding new customers.“
Mark Holden, one of the industry investors in Prime, said “we are pleased that during our ownership Prime was able to effectively grow and improve its operations while maintaining a high level of service for its customers. We believe Prime is well positioned for continued success under its new ownership.”
Prime is a non-asset based provider of logistics and freight consolidation services. The Company’s customers ship more than 1 billion pounds of food and consumer goods annually to numerous retailers, distributors and warehouses. Prime’s services are provided from state-of-the-art facilities comprising over 2.0 million square feet and include freight consolidation, inventory management, warehousing, order fulfillment, and related LTL and truckload services.