Magnate Worldwide Completes the Acquisition of Somerset Marine Lines
Magnate Worldwide (“MWW”), a partnership between CIVC Partners, L.P. (“CIVC”) and Magnate Capital Partners (“MCP”), is pleased to announce the acquisition of a majority stake in Somerset Marine Lines (“Somerset” or the “Company”). As part of the transaction, Somerset’s founding shareholder will continue to be involved in the business going forward and maintain an ownership stake.
MWW was formed in late 2014 by CIVC and MCP to build a premier asset-light transportation and logistics company focused on the North American premium transportation and international freight forwarding markets. MWW’s objective is to build through select acquisitions a diversified logistics company that offers a single source for time-critical and service-sensitive solutions through its dual-division, asset-light transportation network. MWW currently operates through its subsidiary, TrumpCard, a provider of premium logistics services specializing in the transportation of high-value and time-sensitive shipments across the healthcare, aerospace, entertainment, and electronics industries, among others.
Headquartered in Hillsborough, NJ, Somerset provides domestic and international freight forwarding services through a global network of offices and third-party agents. The Company is a fully licensed non-vessel operating common carrier (NVOCC) and provides inbound and outbound ocean and air freight forwarding services to a diverse base of customers. Somerset also offers customers customs clearance, warehousing, and domestic expedite services.
Somerset enhances MWW’s international capabilities and broadens its geographic footprint. Dan Para, CEO of MWW, said that “Somerset is a best-in-class provider and adds highly complementary international services to our existing service offering. We are now even better positioned to meet our customers’ domestic and international logistics needs.” Thomas Gilgen, MWW’s President of International, will work closely with Somerset and will continue to expand MWW’s international division through organic and strategic acquisition opportunities. Additionally, as part of the transaction, the Somerset management team will remain in place and continue to manage current customer relationships as well as drive growth with new customers.
MWW continues to look for best-in-class companies that operate in the international freight forwarding and North American premium transportation markets. For more information on MWW’s acquisition criteria, please visit www.magnateworldwide.com or email Dan Para (email@example.com) or Mike Welch (firstname.lastname@example.org).
About Magnate Worldwide
MWW is a shipping and logistics company focused on asset-light premium logistics that serves its clients by providing experienced and skilled operational and customer focused talent. MWW seeks to partner with best-in-class companies that operate in the international freight forwarding and North American premium transportation markets. With a strong capital position and seasoned management team, MWW is building a leading premium transportation and logistics provider. Find out more at www.magnateworldwide.com.
About CIVC Partners, L.P.
CIVC Partners is a Chicago-based private equity firm established in 1970 that provides growth and buyout capital to middle-market companies and executives with a focus on the business services and financial services sectors. The current management team, which has worked together since 1989, has invested $1.5 billion in 58 platform investments and currently invests from CIVC Partners Fund IV. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.