Matrix Announces the Successful Sale of ICAT Logistics, Inc.

RICHMOND, VA / BALTIMORE, MD – December 17, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of ICAT Logistics, Inc. (“ICAT” or the “Company”) to an investment group led by KCM Capital Partners LLC (“KCM”), Lightspring Capital Partners (“Lightspring”), and Midwest Mezzanine Funds (“Midwest Mezzanine”). Live Oak Bank provided senior debt financing in support of the transaction.

Founded in 1993, ICAT is a leading agency-based global freight forwarder providing comprehensive transportation and logistics solutions, including the import and export of domestic and international freight by air, ocean or truck, along with customs and compliance management, customs brokerage and other specialty services.  The Company’s tagline – “One Call, Right Solution…Done!” – represents the value-added services that ICAT provides to ensure the successful intermodal shipment of goods for more than 1,000 customers each year. Today, the Elkridge, Maryland-based business employs over 40 team members and counts 19 valued agency partners in its network.

Matrix provided merger and acquisition advisory services to ICAT, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Director; Matt Oldhouser, CPA, Associate; and Sahan Pandey, Analyst.

Mr. Shoulders noted, “We believe this is an excellent outcome for all parties. ICAT is an incredible business with an unparalleled commitment to its employees and boundless opportunity for growth. We are thrilled for Rick and his new partners and are excited for their continued success.”

Mr. O’Flaherty added, “This marks Matrix’s second logistics M&A transaction of 2021. We remain focused on expanding our industry coverage and expertise to continue providing market-leading advisory services to our clients. We appreciate the trust Rick and his team placed in us and are honored to have assisted in this important advisory assignment.”

Regarding Matrix’s services, Rick Campbell, founder and CEO of ICAT, commented, “I have been impressed with Matrix at every stage in this process. They have shown integrity and professionalism throughout the engagement and I am so grateful for their efforts. I have no doubt they found the best partnership for the Company and our employees.”

Company management, led by Mr. Campbell, built ICAT and its agency system over the last 30 years before deciding to partner with KCM to position the Company for enhanced growth. ICAT will remain under the guidance of the current leadership team, who remain actively invested in the business and will continue to oversee day-to-day operations.

Regarding the transaction, Mr. Campbell, noted, “We are excited to partner with KCM. They share our core values and vision for accelerating the growth of the business, while maintaining the strong relationships with our employees, customers, agency partners and transportation vendors. Since starting the Company, our philosophy has been one of teamwork and transparency, and KCM’s approach is rooted in these same principles. I’m confident they can provide the financial and strategic resources to accomplish our future growth objectives.”

Emmett Mosley, Partner at KCM said, “Rick has built an extremely strong and value-added business model at ICAT, with a differentiated network of agency partners who, alongside the Company’s operations from Baltimore, provide best-in-class customer service and superior freight forwarding solutions on a global basis. Particularly in today’s environment where supply chains face meaningful constraints and headwinds, ICAT has consistently distinguished itself as a creative, reliable and trustworthy partner to its customer base, enabling the successful and expedient shipment of valuable cargo around the world. We look forward to building on ICAT’s strong foundation by providing the resources to accelerate market growth through expansion of the Company’s agency network and strategic acquisitions.”

Derek Ferguson, Partner at KCM, added “We are thrilled to welcome Rick and the ICAT team into the KCM family and appreciate the capital support provided by our partners Lightspring and Midwest Mezzanine in this important transaction. We look forward to executing our strategy together with them and Company management.”

Williams Mullen served as legal counsel for ICAT. Katten Muchin Rosenman LLP served as legal counsel to KCM.