Audax Private Equity has acquired MNX Global Logistics from The Riverside Company. MNX is a global provider of specialised, expedited transportation and logistics services with multinational clients in the biopharmaceutical, life sciences, medical device, aviation and entertainment industries. Terms of the transaction were not disclosed.
“MNX has earned an outstanding reputation in the time-critical logistics market by consistently delivering dependable, customised solutions to its healthcare and aviation customers,” said Geoffrey S. Rehnert, co-chief executive officer at Audax. “We look forward to working with Paul Martins and the MNX team to continue building a leading platform through organic growth and add-on acquisitions.”
“We are excited to partner with Audax for the next stage of our growth,” added Paul Martins, CEO of MNX. “Audax brings expertise and resources that will help us continue to build our market leadership position by expanding our service offering and value proposition to our clients through strategic acquisitions and growth initiatives.”
Riverside partnered with MNX in 2012 to help the management team grow its high-touch transportation services platform. During the Riverside ownership, MNX’ sales more than doubled with the help of the firm’s investment and operational teams.
“MNX had incredible potential when we first partnered with them,” said Riverside managing partner, Suzy Kriscunas. “Over the course of our hold, we enjoyed working closely with the management team to expand MNX’ service offering and global footprint.”
“MNX had incredible potential when we first partnered with them,” added Riverside managing partner, Suzy Kriscunas. “Over the course of our hold, we enjoyed working closely with the management team to expand MNX’ service offering and global footprint.”
During this period Riverside also expanded the company with two add-on acquisitions in international markets. Singapore-based Aero Express Logistics enhanced MNX’ offering for aerospace customers in Asia-Pacific while Melbourne-based Logical Freight Solutions furthered the company’s specialised capabilities for global healthcare and life sciences customers.
“MNX has an exceptional reputation in the transportation services industry – and for good reason,” noted Riverside partner, Peter Tsang. “Its first-class transportation capabilities and high standard for customer service have ensured continued success. We will miss working with the management team and expect great things in the company’s future.”
MNX now serves more than 190 countries, including the Asia Pacific, South American and EMEA markets, with services that include dedicated hand-carries, next-flight-out, inventory management, fulfillment operations and 4PL services management.
“We had a clear plan for building MNX, and it is gratifying to see it come to fruition,” reflected Riverside principal Drew Flanigan. “It serves more customers even more effectively, and has a bright future.”
BB&T Capital Markets served as financial advisor to MNX. Kirkland & Ellis LLP served as counsel to Audax. BB&T Capital Markets and Jones Day advised Riverside on the transaction.