CID Capital Exits Team Drive-Away
O Indianapolis-based private equity firm CID Capital (“CID”) announced today that it has completed the sale of Olathe, Kansas-based Team Drive-Away (“TDA”) to United Road Services, a portfolio company of global investment firm The Carlyle Group (NASDAQ: CG). TDA, a leading third-party commercial vehicle logistics provider specializing in Class 8 truck drive-away delivery, serves a diverse range of customers including dealers, fleets, OEMs, leasing and brokerage companies. Terms of the deal were not disclosed.
“CID has had a great run with TDA. During our partnership, management executed a strategic acquisition and acqui-hire, grew market share every year and developed the leading technology platform for drivers and customers in the drive-away sector,” said CID Managing Director, Eric Bruun. “We’re proud to have helped TDA grow over the last four years and continue its phenomenal success. CID has always believed that the team makes the difference, and we have greatly enjoyed working with everyone at TDA.”
CID originally partnered with the founder of TDA, Jim Marmon, in 2015. The partnership allowed TDA to evolve into the leading commercial vehicle logistics provider serving the drive-away industry. To help facilitate that growth, the firm embedded an experienced, growth-focused management team at TDA, including Chief Executive Officer, Stephen L. Wambold. As TDA flourished under Mr. Wambold’s leadership, CID invested in the technology, sales, recruiting, and marketing capabilities fundamental to accommodating rapid scale and which were supportive of TDA’s long-term success.
“CID’s leadership and insight have been vital to our continued growth and development. Their partnership was very important to the TDA team” said Wambold. “Because of their hard work and good counsel, we’re positioned to excel in our next chapter, and we wish the CID team the best of luck as they turn their attentions to their next successes.”
Jefferies Investment Banking and BB&T Investment Banking served as transaction advisors and Ice Miller acted as legal advisor to CID in this transaction.