NEW YORK, October 3, 2019
ICV Partners, LLC, a leading investment firm focused on middle market companies, announced today the investment in Horizon Air Freight, Inc. (“HAF” or the “Company”), a specialized freight forwarder focused on themarine industry serving leading U.S.and international shipping companies and cruise lines.
Founded in 1970 and headquartered in New York, HAF manages and consolidates marine spare parts inventory and arranges for delivery of parts and suppliesto customer vessels anywhere in the world. HAF specializes in logistics for difficult and urgent shipments where reliability and visibilityare essential.
Led by Steve Leondis, Chief Executive Officer,HAF has grown by winning US and European customers and through keen focus on around-the-clock service and attention to detail. Steve chose to partner with ICV to support his new growth plans.
Mr. Leondis said, “ICV has successfully invested in logistics companies similar to ours, they understand our business model, and their experience will be extremely valuable as we seek ways to better serve our existing and future customers.” Mr. Leondis continued, “We have long-term relationships with blue-chip customers and are differentiated through our network of agents at key ports and our knowledge of customs in dozens of countries.We are now well-positioned to take advantage of the fragmented nature of our industry to win new customers and enter into new markets.”
Zeena Rao, Managing Director of ICV, said, “ICV’s investment in HAFcontinues our track record of partnering with high-quality family-owned and closely held businesses in industries we know well. Steve and his team have built a world-class freight forwarder focused on the marine industryand HAF is well positioned as a platform investment. Given the fragmented nature of the industry we expect to make strategic acquisitions that broaden our reach and capabilities so HAF can continue to provide best in class service to shipping companies and cruise lines worldwide.”
The investment also solidifies ICV’s focus in the transportation and logistics sector. Previous investments include Cargo Airport Services, another Queens, New York based logistics business.
DLA Piper served as legal counsel to ICV. BDO provided accounting diligence. Jefferies and BB&T Capital Markets served as financial advisors to the sellers and Holland & Knight provided legal counsel.