Infrastructure fund manager EQT is acquiring Lazer Logistics from funds managed by Harvest Partners for an undisclosed sum.
The Swedish firm said it has agreed to buy the outsourced yard management and spotting services provider on behalf of EQT Infrastructure VI, its latest global value-add infrastructure fund.
The fund, which is seeking to raise €20bn, is expected to be 10% to 15% invested following the acquisition of Lazer Logistics, which is anticipated to close in the second quarter of the year.
Lazer Logistics was founded in 1996 and is headquartered in Atlanta, Georgia. The company has 6,000 fleet assets – including the largest North American fleet of electric spotters.
Crosby Cook, partner within EQT’s value-add infrastructure advisory team, said: “We have followed the progress of the company for several years and have been impressed by management’s track record of exceptional customer service, year-over-year growth, and leadership in areas like electrification and data analytics.
“We are excited to support management and the company through its next phase of growth and believe EQT’s significant experience in the sector and expertise in electrification and digitalisation will be highly complementary to what is already an exceptional platform.”
Adam Newsome, CEO of Lazer Logistics, said: “With EQT’s expertise in logistics, fleet electrification and digital acceleration, we are poised for continued growth as we further enhance our product and service offerings for our customers while maintaining focus on our core business solutions of outsourced yard management and trailer spotting services.”
To read the latest edition of IPE Real Assets magazine click here.
