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TransForce driver staffing firm acquired in private equity deal

July 06, 2015

Private equity firm Palladium Equity Partners LLC acquired TransForce Inc., a nationwide truck-driver staffing firm headquartered in Alexandria, Va. TransForce was previously owned by a joint fund including New York-based Argentum Capital and Chicago-based First Analysis.

The transaction closed July 2; terms of the investment were not disclosed.

“That was all part of the business plan,” said TransForce President and CEO David Broome. “Basically, what we did was replace our private equity firm. Palladium is a much larger fund than what we had previously.”

TransForce in April acquired Arizona-based Choice Drivers, its fifth acquisition in 28 months. The acquisition by Palladium will likely enhance TransForce’s acquisition plans, Broome said.

“With new capital, we have new funds to do potentially larger acquisitions or new markets,” Broome said.

Palladium has more than $2.0 billion in assets under management and focuses primarily on buyout equity investments in the range of $50 million to $150 million.

“We believe TransForce has established a differentiated position in the industry through its broad geographic footprint, full service offering, strong safety track record, regulatory expertise and excellent customer service,” said Luis Zaldivar, a managing director of Palladium. “My partners and I look forward to supporting the growth of TransForce into new geographies through expected de novo branches and acquisitions.”