Audax Private Equity (“Audax”) today announced that it has completed the sale of MNX Global Logistics (“MNX” or the “Company”), an industry leader in time-critical logistics and managed transportation services, to Quad-C Management (“Quad-C”). Terms of the transaction were not disclosed.
MNX, headquartered in Long Beach, California, with offices in Singapore, Amsterdam, and Melbourne, is an industry leader in time-critical logistics and managed transportation services serving the biopharmaceutical, life sciences, high tech, medical device, aviation, entertainment, government, and financial industries. MNX’s same-day services support the distribution of surgical kits, lifesaving medical treatments, and critical service-parts, and help rescue grounded aircraft through its Aircraft-On-Ground precision logistics services. MNX serves a diverse base of over 1,500 global clients in 190 countries and territories through its Next Flight Out (“NFO”), Air Charter, Expedited Ground, Forward Stocking, and Managed Transportation solutions.
Since Audax’ investment in 2018, MNX has undergone a period of rapid growth and transformation, including expanding its global footprint and solidifying its presence in healthcare and aviation end-markets. The acquisitions of both the Express Division of Network Global Logistics and Global First supported MNX’s global growth plan and commitment to continuously increase the capabilities that its customers demand.
David Wong, Managing Director at Audax, stated, “We are proud of all that has been accomplished during our partnership with MNX. John and the entire management team have done an extraordinary job of driving improvements and building a leading time critical logistics provider through organic growth, acquisitions, operations, and commercial synergies. We wish the best to MNX as it begins its next chapter.”
“Over the past three and a half years, Audax has proven to be an incredible partner,” said John Labrie, President and CEO of MNX. “Audax was instrumental in our customer growth and innovation in solution offerings, supporting our team in its mission to be a world leader in time-critical transportation services. We thank David and the Audax team for their support in helping us continue to deliver dependable, customized solutions, and we look forward to what the future holds for MNX.”
Jefferies and J.P. Morgan served as financial advisors and Kirkland & Ellis served as legal advisor to Audax and the Company.