Platinum Equity Sells Keen Transport to Wallenius Wilhelmsen Logistics

December 15,  2017 - Platinum Equity today announced it has sold Keen Transport to Wallenius Wilhelmsen Logistics ASA (WWL).  Financial terms of the transaction were not disclosed.

Keen Transport is a national provider of heavy-haul logistics and transportation services for the construction, mining and agriculture equipment markets. WWL, based in Oslo, Norway, is a global logistics operator serving the manufacturing industry with special focus on vehicles, mining and construction equipment and machinery.

“In partnership with the Keen management team we have driven substantial operational improvements and helped transform the business,” said Platinum Equity Partner Bob Wymbs. “We installed new systems, implemented best practices throughout the organization, and helped diversify Keen’s customer base and industry concentration.”

Platinum Equity acquired the business in 2012 from the Keen family. Bill Keen has served as an advisor to the company for the past five years.

“Platinum’s operational expertise helped us transform from a family-owned business into a more sophisticated enterprise that is well prepared for the future,” said Keen Transport CEO Chris Easter. “They helped us develop new capabilities and delivered the tools we needed to operate more effectively.”

Mr. Wymbs added that the Keen Transport investment reflects Platinum Equity’s commitment to the lower middle market as the firm continues to grow. Platinum Equity is today investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund.

“We are very active in the lower middle market and the Keen investment is another great example of the firm continuing to create value in that space,” said Mr. Wymbs.

Keen Transport specializes in the movement of large and oversize equipment.  The company also provides value-added logistics, light assembly, painting, installation of aftermarket accessories, storage, and managed logistics services at facilities near U.S. ports and co-located with customer production facilities.

Raymond James & Associates served as financial advisor to Platinum Equity on the sale of Keen. Stubbs Alderton & Markiles, LLP served as Platinum Equity’s legal advisor.