EQT Value-Add Infrastructure to acquire Lazer Logistics, a leading North American provider of outsourced yard management and spotting services

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Mar 29, 2023, 08:17 ET

Transaction builds on EQT's thematic investment strategy in the Transportation and Logistics sector, which supports the safe, efficient, and low-carbon movement of goods through the supply chain
EQT will leverage its significant experience in fleet electrification and digitalization to support management in executing the Company's growth initiatives while remaining focused on providing exceptional service and differentiated value to customers

STOCKHOLM, March 29, 2023 /PRNewswire/ -- EQT is pleased to announce that the EQT Infrastructure VI fund ("EQT Value-Add Infrastructure") has agreed to acquire Lazer Logistics (the "Company") from funds managed by Harvest Partners. Financial terms of the transaction were not disclosed.

Founded in 1996 and headquartered in Atlanta, GA, Lazer Logistics is North America's largest provider of outsourced yard management and trailer spotting services. With 5,000 employees and 6,000 fleet assets – including the largest North American fleet of electric spotters – the Company runs 9 million annual service hours for a diverse set of blue-chip customers across 39 states and territories.

Outsourced yard management is a mission-critical service, which facilitates the safe, efficient, and low-carbon movement of goods through the supply chain. The sector is highly resilient and growing due to various thematic tailwinds affecting the logistics value chain. The importance of the service and the value to customers is increasing as precision logistics continues to become a source of differentiation for companies, domestic manufacturing and eCommerce penetration grow, and supply chain decarbonization proliferates.

As a leading North American provider of these services, Lazer Logistics is well-positioned to continue to support customers as they grow and evolve, while remaining focused on the Company's core values that include a commitment to service quality, safety, and a strong entrepreneurial culture, which make Lazer Logistics the employer of choice across the industry.

EQT will work with management to future proof the company and position it for long-term success by leveraging its strong track record of investing in North American Transportation and Logistics assets and its extensive expertise in fleet electrification and digital acceleration initiatives.

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 digitalization will be highly complementary to what is already an exceptional platform."

Adam Newsome, CEO of Lazer Logistics, said, "This represents a new and exciting phase for Lazer Logistics. We have prided ourselves on our relentless focus on our customer's needs, commitment to safety, and treating all our employees as family. 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."

The transaction is subject to customary conditions and approvals. It is expected to close in in 2Q 2023. With the acquisition of Lazer Logistics, EQT Infrastructure VI (target fund size of EUR 20.0 billion) is expected to be 10-15 percent invested based on its target fund size (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

EQT Value-Add Infrastructure was advised by Jefferies LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Harvest Partners and Lazer Logistics were advised by Harris Williams, William Blair, and Ropes & Gray LLP.

Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810, [email protected]

International inquiries: EQT Press Office, [email protected], +46 8 506 55 334

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

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