Matrix Announces the Successful Sale of ASAP Expediting & Logistics
RICHMOND, VA/BALTIMORE, MD – February 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of ASAP Expediting & Logistics, LLC and G&H Transport, LLC (collectively, “ASAP”, “ASAP Expediting & Logistics” or the “Company”) to Trump Card Holdings, LLC (“TrumpCard”), a subsidiary of Magnate Worldwide, LLC (“Magnate Worldwide”), and a portfolio company of CIVC Partners, L.P. (“CIVC”).
Founded in 2008 by CEO Garland Hobgood, ASAP Expediting & Logistics is a leading, asset-light, third-party logistics business, specializing in providing expedited freight solutions to domestic and international customers. In the first five years of operation, Mr. Hobgood used his unique, high-touch and customer-centric approach to time-critical freight to attract blue chip clients in industrial end-markets, including mining, construction, and pulp & paper. Since then, ASAP has expanded its market expertise to include aerospace, automotive, and food & beverage, driven by the sales efforts of President Angela Hobgood and the hard work and dedication of the Company’s many valued employees. Today, ASAP Expediting & Logistics continues to grow rapidly with existing and new customers that value a solutions-oriented and tailored approach to logistics services.
The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Director; John Mosser, Associate; Matt Oldhouser, Associate; and Duncan Rogers, Analyst.
Mr. Shoulders commented, “We are grateful to have been selected by the Hobgoods to assist them in this important assignment. They have been a joy to work with and we are thrilled to arrive at an outcome that achieved all of their objectives.”
Angela and Garland Hobgood, noted, “We are very excited to forge the next phase of ASAP and could not have found a better home. TrumpCard and ASAP have very similar cultures and recognize that our people are what make us who we are.” Regarding Matrix’s services, they added, “Matrix has exceeded our expectations across the board. They have been invaluable resources throughout this process and are responsible for this outstanding result. Their work ethic and enthusiasm are second to none.”
TrumpCard Executive Chairman, Marco Hanlon, noted, “TrumpCard’s specialization and unique value proposition has always allowed us to set ourselves apart from other service providers. We found the same rare quality in ASAP, and now we can expand our service offering, while leveraging the core resources of TrumpCard.”
Regarding the partnership, Dante Fornari, CEO of Magnate Worldwide, concluded, “ASAP and TrumpCard are each very special companies, built upon satisfying the most demanding and unique shipping circumstances. The joining of these strengths forms a landmark partnership of two companies with exceptional leadership, and a laser-like market focus.”
Magnate Worldwide is a diversified supply chain management company, comprised of a unique portfolio of complimentary, premier logistics providers focused on expedited domestic transportation and global freight forwarding. TrumpCard specializes in the transportation of domestic heavyweight shipments in the time sensitive, high value and mission critical arenas.
As part of the transaction, Mr. and Mrs. Hobgood will remain active in the day-to-day operations of the Company. ASAP’s office in Columbia, South Carolina is strategically located to service its surrounding manufacturing corridor and will continue to be fully operational. Complete with some of the top specialists in the industry, ASAP will continue its great legacy, now with the support and infrastructure of TrumpCard.
Williams Mullen served as legal counsel for ASAP Expediting & Logistics. Kirkland & Ellis LLP served as legal counsel for TrumpCard, Magnate Worldwide, and CIVC.