British Columbia Investment Management Corporation and PE Firm Invest in PS Logistics

Posted on 06/28/2021

Private equity firm Gamut Capital Management, L.P. in partnership with British Columbia Investment Management Corporation (BCI), signed a definitive agreement to invest in PS Logistics, LLC. PS Logistics is a flatbed transportation and full-service logistics provider in the United States. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of this year.

Formed in 2015, Gamut Capital Management is a New York-based private investment firm managing US$ 1.2 billion in assets focused on the middle market.

RBC Capital Markets, Credit Suisse and Deutsche Bank Securities Inc. served as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Gamut and BCI, and Weil, Gotshal & Manges LLP served as separate legal counsel to BCI. UBS Investment Bank served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to PS Logistics. RBC Capital Markets, Credit Suisse, Deutsche Bank Securities Inc. and Wells Fargo Bank, N.A. are providing financing commitments for the transaction, subject to customary terms and conditions.

In May 2004, Robbie Pike and Scott Smith founded P&S Transportation (now PS Logistics) with 20 owner-operators and 35 trailers. PS Logistics is headquartered in Birmingham, Alabama. On January 31, 2018, PS Logistics acquired substantially all assets of Shelton Trucking Services, Inc. Shelton is headquartered in Altha, Florida, has approximately 200 drivers.

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