Able’s CEO, Orlando Wong, invested alongside Equity Group Investments (EGI) in the transaction. The terms of the transaction were not disclosed.
Founded in 1992, Able is the largest independent perishable freight forwarder specializing in temperature-sensitive and time-critical cargo for a wide array of blue-chip customers shipping to over 60 countries. Headquartered in Los Angeles, California, Able boasts long-standing relationships with leading commercial and cargo airlines and is supported by eight cold-storage locations in Los Angeles and San Francisco, California, Hawaii and Mexico.
Lincoln International acted as the exclusive investment banking representative for Able, working closely with the company’s shareholders and management team throughout the transaction process. This included providing advisory expertise and managing the preparatory, marketing, due diligence and negotiation phases of the transaction.
Orlando Wong, shareholder and CEO of Able, commented, “The Lincoln team went above and beyond all expectations throughout the process – supporting management and allowing us to focus on running the company. We are extremely excited to partner with EGI and execute the next phase of our growth strategy.”
About Equity Group Investments
Equity Group Investments, founded by Sam Zell more than 50 years ago, has a long track record of building public and private businesses, including the origination and growth of multi-billion-dollar companies. EGI’s flexible capital and open investment mandate enable the firm to pursue opportunistic transactions across industries and geographies, throughout the capital structure, at any point in the economic cycle. EGI’s current portfolio includes investments in transportation and logistics, energy, waste and infrastructure, manufacturing, healthcare, agribusiness and real estate. For more information, visit www.egizell.com.
About Able
Able Freight Services is a leading provider of airfreight forwarding services with a focus on time-sensitive perishable goods. The company’s cold chain transportation and logistics services include air freight, ocean freight, warehousing/cold storage, brokerage, e-commerce and related technology services. Since 2018, Able has been ranked the #2 exporter out of Los Angeles International airport and Top 10 nationwide, by volume. Able leverages an extensive global agency network, strategic industry association partnerships with WCA Perishables and Cold Chain Connect as well as certifications and licenses from IATA, TSA, CBP and FDA among others. For more information, visit www.ablefreight.com.
