Calera Capital, a leading middle-market private equity firm, announced today that it has acquired a majority stake in the Evans Network of Companies (“Evans”), a leading provider of intermodal and other trucking services through a non-asset based agency model. Bo Bates, Evans’ CEO, the Evans family and management will retain a significant equity interest in the business. Terms of the transaction were not disclosed.
James Halow, Managing Director of Calera Capital said, “Evans has a long and successful track record of supporting and growing its agent network and servicing agents, drivers and shippers with a comprehensive and highly value-additive offering. We are excited to be partnering with Bo and his team to grow within the intermodal space as well as to continue to extend Evans’ model in adjacent markets.”
Bob Bianco, Operating Partner of Calera Capital added, “I have known Evans and its management team for over a decade and am a strong believer in the company’s culture, business model and approach. We are delighted to support management as they further realize the substantial potential of the business.”
“We are extremely pleased to be partnering with Calera Capital to support this business in the next chapter of our evolution,” said Bo Bates. “We expect to continue to grow our market position, add to our offering, and extend into new arenas, while at the same time preserving the culture and entrepreneurialism that has driven our historical success."
Evans represents Calera’s third investment from Fund V and reinforces Calera’s strength and track record of successfully partnering with leading management teams and strong businesses within the third party logistics space. Mark Williamson, James Halow, and Bob Bianco from Calera will be joining the Evans’ Board alongside Bo Bates, Bert Evans, the former CEO of Evans, and Mark Fornasiero, a Managing Partner at Clarendon Group.
The Evans Network of Companies is a market-leading provider of intermodal, flatbed, brokerage, dry van and other trucking services. Through its agent network, Evans offers services through a fleet of over 3,000 tractors and over 180 terminals throughout the country. The Evans Network provides customer-centric service in the truckload freight transportation industry and is dedicated to the safety and recognition of its network employees, agent partners and independent contractors. Evans was founded in 1939 by Albert L. Evans, Sr. and is headquartered in Schuylkill Haven, Pennsylvania.
About Calera Capital
Founded in 1991, Calera Capital is a private investment firm which has invested over $3.0 billion. With offices in San Francisco and Boston, Calera focuses on partnering with founders and management teams to drive significant value creation in their businesses, primarily in two industry sectors: Business Services and Specialty Industrials. Calera Capital makes substantial equity investments in middle-market businesses and works closely in support of management to build long-term sustainable value through the implementation of strategic and operating initiatives. Bob Bianco joined Calera as an operating partner in May of last year and was the former CEO of Menlo Worldwide Logistics, where he was instrumental in starting the business and driving its growth to $1.7 billion in revenue.