- THE MAGAZINE
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MNX, a global provider of expedited transportation and logistics services, has announced its acquisition by The Riverside Company, a global, private equity firm. An integral part of MNX’s continuing global expansion, the move will provide MNX the ability to fund future expansion and acquisitions.
“MNX’s compelling service offerings and continued international expansion have contributed to a strong pipeline of opportunities that position the company for growth,” says MNX CEO Scott Cannon. “Riverside has a stellar reputation for helping companies accelerate development. We believe the acquisition marries nicely with our existing expansion plans while also benefiting our existing customers and employees. We could not be more thrilled about the opportunities presented by Riverside’s partnership, and we look forward to continuing to provide best-in-class service to our customers.”
The Los Angeles-based MNX has emerged as an innovator in the expedited transportation and logistics industry with a diverse client list that includes specialization in the life sciences, aviation and entertainment industries. The company has offices on four continents, operating a series of partnerships that extend its network to more than 190 countries worldwide and more than 2,400 ground couriers and 450 airlines.
MNX’s primary service offering is its Express Service, which is used to transport high-value items, from transplant tissues to mission-critical maintenance parts, typically on a same-day basis. Additional services offered by MNX include freight forwarding and a variety of supply chain services tailored to the needs of its customers and their end markets.
The acquisition coincides with MNX’s upcoming 30th anniversary, which finds the company expanding its global network at a rapid pace. In February, MNX purchased the division of AirNet that provides same-day or next flight-out delivery services. MNX has also opened several international offices including Singapore, Korea, Amsterdam and Frankfurt, and hired a number of key team members in Asia and Europe. During the coming months, the company expects to open additional offices in Japan, India and Russia.
“There is a growing sense of excitement about what this transaction will allow MNX to achieve in the future,” said Cannon. “With its expertise as a clear leader among private equity firms focused on investing in mid-sized companies, they are the best partner for MNX to continue its growth trajectory.”
Under the terms of the acquisition, which brings few changes to the day-to-day operations of MNX, CEO Scott Cannon will continue in his role and as a meaningful investor; Chuck Dunlap has been named as interim CFO.
“MNX has a reputation for consistent performance and the kind of high-touch globalized service that customers demand in today’s market,” said Riverside Partner Matt Dailey. “We’re excited to partner with MNX’s management team and look forward to working with them to help them expand upon the platform they’ve built.”
In February, CEO Scott Cannon announced a plan to grow MNX, which includes continued focus on expansion into international markets through growth opportunities in the company’s specialty areas of life science, aviation and entertainment logistics.