OTS Logistics Group founder Owen Glenn has sold the company to London-based private equity group, Man Capital LLP.
Man Capital will support the existing management team, led by Charlie Brennan, in next stage of growth for OTS Logistics, including expanding its international presence.
No financial details of the deal have been released.
Glenn said he was pleased to have reached an agreement with Man Capital, a firm he says recognises OTS’s achievements to date, as well as the potential within the business. “I am confident that with Man Capital’s support OTS will continue to go from strength to strength,” he said.
OTS chief executive officer Charlie Brennan said the backing of Man Capital provided an opportunity to broaden the logistics provider’s international footprint and the scope of services they can offer clients.
Man Capital chief executive officer Loutfy Mansour said the firm’s focus would be to provide long-term support and resources, while working with the firm’s management teams.
“OTS is a world-class logistics business with a leading position in the sea-freight consolidator market. We are backing a great management team with an impressive track record of growth and a reputation for reliability and service,” Mansour said.
The Los Angeles-based logistics provider had a turnover of more than US$700 million in 2010. Worldwide financial conglomerates supervised by OTS operate in more than 100 countries.
Glenn is now over 70 and lives in Monaco. In the 2011 National Business Review Rich List he was estimated to be worth $900 million.
He is renowned for his philanthropy, and is the founder and chairman of Glenn Family Foundation, a charitable group operating in a number of countries including the US, UK, Australia, New Zealand, China, India, Nepal, the Philippines, and Fiji.
OTS was created by a merger between Direct Container Line – a company Glenn founded in 1978 – and Brennan International and Conterm Consolidation Services, the New Zealand Herald notes.
Man Capital is owned by the Mansour Group, which has more than 38,000 staff in the Middle East, Russia and Africa. It operates across the heavy equipment, automotive, and consumer and financial services sectors.
Image credit: Confreight, a member of the OTS Logistics Group