The acquisition was driven by the growing demand for refrigerated carrier services, said Sam Heischuber, principal at Angeles Equity Partners.
“The transportation and logistics market has seen significant disruption from the COVID pandemic,” Heischuber said in a release. “We believe that specialty providers with scale, like Freymiller, stand to benefit from the current macroeconomic environment, as demand for refrigerated logistics continues to grow in a market with tight capacity.”
Freymiller was founded by Don Freymiller in 1968 in Shullsberg, Wisconsin. The company moved its operations to Oklahoma City in 1996. Freymiller employs 599 drivers, according to the Federal Motor Carrier Safety Administration.
“This investment represents an opportunity for us to accelerate our growth,” said David Freymiller, CEO of Freymiller, in a statement. “I am looking forward to the next chapter in our company’s story in partnership with Angeles as we provide more opportunities for our team members and expand partnerships with our customers.”
Angeles partnered with KJM Capital in the transaction to acquire a majority stake in Freymiller. Financial terms of the transaction were not disclosed.
