Dechert LLP advised CVC, Weil, Gotshal & Manges LLP advised Providence, and Kirkland & Ellis LLP advised Ridgemont on the deal. Shearman & Sterling advised Goldman Sachs, as first lien and second lien Administrative Agent for the acquisition financing.
The combination between WorldWide Express, LLC and GlobalTranz, LLC. will create an industry leader with unique technology capabilities and market-leading solutions for the freight and parcel markets.
The transaction is sponsored by a consortium led by CVC Capital Partners as well as GlobalTranz’s current lead investors, Providence Equity Partners and PSG. Current Worldwide Express lead investor Ridgemont Equity Partners, along with both Worldwide Express and GlobalTranz management, will also retain a significant stake in the combined entity.
The transaction is expected to close during the third quarter of 2021.
Goldman Sachs acted as first lien and second lien Administrative Agent on a $1.275 billion first lien term loan facility, a $200 million first lien revolving credit facility, and a $275 million second lien term loan facility for WWEX Unit Topco Holdings, LLC, as Borrower, to finance the merger.
Worldwide Express, LLC is a full-service, non-asset-based logistics provider offering more than 92,000 customers access to industry-leading small package, truckload and less-than-truckload shipping solutions around the world.
GlobalTranz is a full-service third-party logistics provider, bringing award-winning customer service, exceptional industry expertise and market-leading technology to shippers, carriers, and logistics service providers.
CVC is a leading private equity and investment advisory firm with a network of 23 offices throughout Europe, Asia and the US, with approximately US$118 billion of assets under management.
Providence Equity Partners is a premier global private equity firm with approximately $45 billion in aggregate capital commitments.
PSG is a growth equity firm that partners with middle-market software and technology enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams.
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion.
The Dechert deal team advising CVC was led by corporate partners Mark Thierfelder (Picture), Gareth Clark, Jonathan Kim, and Allie Misner Wasserman. The team included corporate partners Jonathan Stott, Stephen Leitzell, and Omoz Osayimwese, and associates Barrett Schitka, Michael Gordon, Kayla DeLeon, Michael Balent, Rodrigo Rivera, Amy Corenswet, Gurbir Sandhu, Veronica Casellas Santana, and Anna Tomczyk, and law clerk Luisa Perez; global finance partners Soo-ah Nah, Scott Zimmerman, and Samantha Koplik, and associates Zachary Goldberg, Andrew Darnell, and Casey Klein; employee benefits partner Howard Klein, and associates Sarah Burke, Baraka Nasiri and Jacob Phillips; tax partner Steve Clemens, and associate George Davis; IP & IT partner Joshua Rawson, and associates Frank Hwang, Jesse Lambert and Jennifer Insley-Pruitt; labor partner Alan Berkowitz, counsel Jeffrey Rubin, and associate Tanya Warnke; litigation partner Neil Steiner, and associates Christine Isaacs and Ryan Moore; real estate special counsel Francois Quintard-Morenas, and associate Juan Zambon; international trade partner Darshak Dholakia, and associate Brooklynn Moore; environmental partner Abbi Cohen; cybersecurity partner Karen Neuman, and associates Hilary Bonaccorsi and Colleen Hespeler; Financial Services partner Michael Sherman and associate Diana Tao; and London partners Chris Field, Ross Allardice and Mark Evans.
The Shearman & Sterling team was led by partner Tomasz Kulawik, with associate Andrew Tsang, and included Arshia Asif and Nicholas Kho.
Involved fees earner: Ross Allardice – Dechert; Michael Balent – Dechert; Alan Berkowitz – Dechert; Hilary Bonaccorsi – Dechert; Sarah Burke – Dechert; Veronica Casellas Santana – Dechert; Gareth Clark – Dechert; Steven Clemens – Dechert; Abbi Cohen – Dechert; Amy Corenswet – Dechert; Andrew Darnell – Dechert; George Davis – Dechert; Kayla DeLeon – Dechert; Darshak Dholakia – Dechert; Mark Evans – Dechert; Christopher Field – Dechert; Zachary Robert Goldberg – Dechert; Michael Gordon – Dechert; Colleen Hespeler – Dechert; Frank Hwang – Dechert; Jennifer Insley-Pruitt – Dechert; Christine Isaacs – Dechert; Jonathan Kim – Dechert; Casey Klein – Dechert; Howard Kleinman – Dechert; Samantha Koplik – Dechert; Jesse Lambert – Dechert; Stephen Leitzell – Dechert; Allie Misner – Dechert; Ryan Moore – Dechert; Brooklynn Moore – Dechert; Karen Neuman – Dechert; Omoz Osayimwese – Dechert; Jake Phillips – Dechert; Francois Quintard-Morenas – Dechert; Joshua Rawson – Dechert; Rodrigo Rivera – Dechert; Jeffrey Rubin – Dechert; Gurbir Sandhu – Dechert; Barrett Schitka – Dechert; Michael Sherman – Dechert; Neil Steiner – Dechert; Jonathan Stott – Dechert; Diana Tao – Dechert; Mark Thierfelder – Dechert; Anna Tomczyk – Dechert; Tanya Warnke – Dechert; Juan Bautista Zambon – Dechert; Scott Zimmerman – Dechert; Soo-ah Nah – Paul Weiss Rifkind Wharton & Garrison; Tomasz Kulawik – Shearman & Sterling; Andrew Tsang – Shearman & Sterling;