Founded in 1989 and headquartered in Battle Creek, Michigan, Behnke Logistics provides dedicated transportation, warehousing, distribution, and integrated logistics solutions throughout the Midwest. Led by Ben Behnke, Behnke Logistics engaged Calder’s Buy-Side team to identify a strategic transportation and logistics acquisition that could strengthen and expand Behnke Logistics' existing trucking platform into South Carolina or nearby geographies.
Behnke Logistics’ engagement led to Calder Capital sourcing and facilitating the acquisition of AG Freight.
AG Freight, LLC is a transportation and logistics company headquartered in Piedmont, South Carolina. The Company provides full truckload transportation, expedite solutions, less-than-truckload transportation, drayage solutions, and brokerage solutions. After growing the company and customer base over the last few years and deciding to pursue other business obligations, AG Freight owner Garrett Boulware, made the decision to exit AG Freight.
Behnke stated, "AG Freight gives us a real foothold in the Southeast. We've been a Midwest operation for four generations, and the Greenville market — with its manufacturing base and the inland port — is a natural extension of what we already do well. Garrett built a solid business with good customers and good drivers, and our job now is to give it more resources and let it grow."
Patrick Robey and Edson Ramirez of Calder Capital served as the Co-Mergers & Acquisitions Advisors to Behnke Logistics. Calder’s transaction team included Hannah Nabhan, Buy-Side Director and Logan Theodorou, Buy-Side Senior Associate.
Calder's Buy-Side team generated 23 off-market seller introductions, leading to 9 client pursuits, and one offer, resulting in the successful acquisition of AG Freight. Calder Capital was engaged in November, the Letter of Intent was executed in March, and Calder successfully closed the transaction in June. The process moved from engagement to close in approximately 7 months.
Ben noted, "Patrick and Edson did what they said they'd do. They brought us real off-market opportunities, kept the process moving, and were straight with us when issues came up in diligence. Going from engagement to close in about six months on an out-of-state deal says a lot about how they run their process."
Patrick Robey shared, "This was a highly relationship-driven transaction that required patience and trust between both sides. I believe Behnke Logistics is the right strategic buyer, with valuable transportation experience which will support AG Freight’s growth through its next chapter. We were grateful to help Ben and Garrett through the path to closing."
Sam Scharich, Calder’s Buy-Side managing director, added, "Congratulations to Ben Behnke, Garrett Boulware, Patrick Robey, Edson Ramirez, Hannah Nabhan, and Logan Theodorou on successfully closing this transaction. Calder Capital is proud to advise buyers and sellers across the transportation, logistics, distribution, and business services sectors. Transportation and logistics businesses often involve complex operations, making efficient execution especially important. Thanks to the collaboration and responsiveness of everyone involved, we were able to move from letter of intent to closing in just a few months."
Calder Capital served as the Exclusive Buy-Side Mergers and Acquisitions Advisor to Behnke Logistics.
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