OMAHA, NE – October 5, 2020 – Resurgent Capital Partners (Resurgent), a leading operations-focused lower market private equity firm, today announced it has successfully sold Manning’s Truck Brokerage, to strategic buyer, FitzMark. Terms of the transaction were not disclosed.
The successful sale of Manning’s during economic uncertainty exemplifies Resurgent’s strategy of disciplined entry pricing, combined with driving revenue, cost and cash optimization opportunities.
Sourced via Resurgent’s extensive network of lower middle market, non-investment bank intermediaries, Mannings' history of excellent customer service and long term customer relationships provided a strong foundation from which to transition the business from family ownership to professional management.
Through extensive technology enablement and process automation coupled with aggressive working capital management, Resurgent was able to realize cost savings while simultaneously re-investing in sales resources, ultimately resulting in lower operating expenses and the addition of new customers even in an uncertain economic environment.
“We are excited for the exit at Manning’s, but most excited to see our strategy of going beyond “cookie cutter” solutions. Manning’s highlights our ability to understand business workflow and match process and tools to automate and enhance organizational efficiency and effectiveness. This went far beyond the typical TMS automation strategy”, stated Dan Tamkin.
“With this exit, Resurgent and its investors are even more well capitalized for future deals which should position us well in the coming months as the current economic uncertainty and financial stress caused by COVID is beginning to generate a significant number of opportunities that align well with Resurgent’s hands-on operating model”, stated Bryce Winkle, Managing Director of Resurgent Capital Partners.
About Resurgent Capital Partners
Resurgent Capital Partners (www.resurgentcp.com) is a leading operations-focused private equity firm focused on the lower market. Resurgent looks to acquire middle and lower middle market businesses in the technology, business services, transportation and consumer spaces. The firm has deep operating and restructuring expertise and looks for opportunities to apply its network of executive talent and/or technology expertise to both performing and turn-around assets. Resurgent is headquartered in Los Angeles, California. More information is available at www.resurgentcp.com
About Manning’s Truck Brokerage
Founded in 1971 and headquartered in Omaha, NE, Manning’s Truck Brokerage has experienced over 45 years of growth and success as a 3rd party freight and transportation provider. Through its highly experienced and knowledgeable staff, the company has a reputation for providing dependable, high volume, cost effective transportation services to shippers and carriers throughout the Midwest. Manning’s team remains steadfastly committed to one goal; keep freight, drivers and trucks moving on-time and on budget.