Comvest Partners (“Comvest”) is pleased to announce that it has completed the sale of SunteckTTS Inc. (“SunteckTTS”), a leading multi-modal transportation solutions provider, to MODE Transportation (“MODE” or the “Company”), a leading North American third-party transportation and logistics company.
The combined Company will offer a broad range of capabilities across all major modes of transportation including truckload, less-than-truckload, rail intermodal, drayage, air, ocean and parcel freight which will facilitate more than 1.5 million annual customer shipments and generate over $2 billion of revenue.
Comvest acquired the predecessor to SunteckTTS in April 2013 through a take-private transaction and later completed a merger with TTS to create SunteckTTS in December 2016. Through the merger with TTS and under Comvest’s ownership, SunteckTTS became one of the largest multimodal, agent-based freight management service providers in the U.S., generating over $1 billion in gross revenue and managing more than 800,000 intermodal, truckload and less-than-truckload shipments annually.
“We admire the SunteckTTS team’s dedication to building and growing one of the premier leaders in the 3PL transportation and logistics sector,” said Roger Marrero, Managing Partner at Comvest. “We are grateful to have had such a collaborative and synergistic partnership with our Executive Partner, Ken Forster, and the rest of the SunteckTTS senior team.
“Our partnership with Comvest has been instrumental to this exciting phase of growth at SunteckTTS,” said Ken Forster, previously CEO of SunteckTTS and now President & COO of MODE. “We look forward to the future at MODE, providing our agents, shippers, and carrier partners a significantly enhanced platform position for the future.”
Piper Jaffray and Harris Williams acted as financial advisors and McDermott Will & Emery acted as legal advisor to SunteckTTS in connection with the sale to MODE. MODE received legal advice from Kirkland & Ellis, LLP.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested over $4.7 billion. Today, Comvest’s funds have over $3.7 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit www.comvest.com.