Terms of the transaction were not disclosed, but an industry source said the Greenbriar sale to Ridgemont fetched more than US$500 million.
New York-based Greenbriar, which acquired a majority position in Seko in 2015, will continue as a minority investor in the Itasca, Illinois-based company, Seko said. Greenbriar initially paid about $500 million for its stake in Seko, according to the source.
In a statement, Seko said it will leverage Ridgemont's resources to expand its network through acquisitions and to strengthen its information technology capabilities, reports American Shipper.
The Seko acquisition broadens Charlotte, North Carolina-based Ridgemont's portfolio of transport and logistics assets. It controls logistics company Worldwide Express; truck fleet maintenance firm Amerit Fleet Solutions, and specialty distribution firm J A M Distributing Co.
Founded in 1976 as an air freight forwarder, Seko today operates in 120 offices across 40 countries. It made its first acquisition in January 2019 by buying Goodship International Inc, a freight forwarder and customs brokerage and compliance consultancy. Since then, Seko has acquired Air-City, a cross-border e-commerce specialist and air freight forwarder, and has taken a majority stake in its Australian partner, Omni-Channel Logistics.