Morristown, NJ, February 3, 2017 – Station Partners, a private investment firm based in Morristown, NJ, is pleased to announce that Evolve Logistics Group, Inc. (“Evolve” or “Company”) has acquired Blue Bear Universal, Inc. (“Blue Bear”) and Maryland Transport Group, Inc. (“MTG”). Founded in 2013 and 2014, respectively, Blue Bear and MTG are leading contract service providers to FedEx Ground (“FXG”) in the rapidly growing New Jersey and Maryland ground hubs.
“It’s an exciting time to be a market participant within the FedEx Ground system,” said Station Principle Andy Pirtle. “We believe that we have created the ideal capital structure for the Evolve management team to be as successful as this opportunity will allow,” Pirtle added.
“The Blue Bear and MTG transactions creates an excellent platform to begin executing our strategy of becoming the leading service provider to FedEx Ground,” said Don Hakes, Station Executive Partner and Evolve Chief Executive Officer. “With a foothold in two of the largest and most rapidly growing ground hubs in the FXG system, the Company is well positioned to begin expanding into adjacent ground hubs through organic route additions and strategic acquisitions,” Hakes added.
Michael Cohen, founder and President of Blue Bear, will remain with the Company in the position of Chief Operating Officer. Cohen stated “Don and the team at Station immediately understood the growth opportunity within the FXG system and have created a structure ripe for immediate success.”
About Evolve Logistics Group
Headquartered in Bernardsville, NJ, Evolve was founded in partnership between Station Partners and Don Hakes to capitalize on the rapid growth seen within the FedEx Corporations (NYSE:FDX) ground segment. Focused on linehaul trucking and logistics, Evolve’s mission is to provide reliable, professional, and predictable hauling services to the growing network of FXG ground hubs and stations.
About Station Partners
Headquartered in Morristown, NJ, Station Partners is a private investment partnership that makes majority investments in well-run, entrepreneurial businesses. Founded in partnership between ‘like-minded’ family offices, investment professionals, and industry pioneers, Station takes a hands-on approach in buying and building companies in a range of industries.