Trucking news and briefs for Wednesday, July 21, 2021:
Sam Zell’s private investment firm Equity Group Investments (EGI) recently invested in Paper Transport (CCJ Top 250, No. 112). EGI is partnering with Paper Transport’s senior management team, who will continue to lead the business and retain an ownership stake in the company.
The partnership provides additional capital for add-on acquisitions and strategic support for the organization’s growing truckload, intermodal and truck brokerage offerings. EGI President Mark Sotir, Managing Director Evan Harwood, Advisor Rob Silberman, and Senior Associate Tyler Goldstein are joining the De Pere, Wisconsin-based truckload fleet's board of directors.
“We’ve been impressed with Paper Transport’s management team, who have demonstrated an ability to grow, innovate and diversify the business during their tenure,” Sotir said. “One of our strengths is aligning with like-minded partners. EGI’s deep experience in the transportation industry and track record of scaling businesses, coupled with Paper Transport’s experienced leadership team and growth mindset, makes this partnership a win-win.”
Paper Transport was named a CCJ Innovator last year.
“After 30 years of steady growth, our partnership with EGI will accelerate our strategy,” said Jeff Shefchik, president of Paper Transport. “EGI has a history of doing things differently than what the marketplace has done – we believe that same strategy is what has led to Paper Transport’s success in the past. We believe partnering Paper Transport with EGI will allow us to outpace the industry in both innovation and growth.”
A recently launched nonprofit, The Next Generation in Trucking Association, is partnering with schools to provide CDL driver and diesel technician programs for young adults in Kentucky, Wisconsin and California.
