Princeton TMX, LLC ("Princeton TMX") and The Stephens Group, LLC ("The Stephens Group") announced that they have completed a significant strategic transaction designed to accelerate the value Princeton TMX delivers to industrial shippers.
Fort Wayne-based Princeton TMX leverages modern cloud infrastructure, profiled business rules, process automation and artificial intelligence (optimization) to tailor solutions that meet the specific needs of industrial shippers.
Tim Minnich, Princeton TMX's President and CEO ("Minnich"), noted that, "Our customers are large industrial companies serving end markets like agriculture, packaging, steel, lumber, aggregates, food & beverage and chemicals. They ship anywhere between 20 and 3,000 loads per day by truck or rail. Using our solution transforms their daily shipping operations, automates processes that drive material savings and provides the customers with real-time visibility into key components of their supply chain."
Minnich has been building Transportation Management Systems ("TMS") for the heavy industrial market for over 20 years. As an executive within a large rail company, he built early enterprise grade software solutions that are still used by intermodal carriers and shippers to this day. He witnessed the tremendous value carriers and shippers received from adopting technology to automate key tasks within their daily workflow, and in October 2016, he founded Princeton TMX to bring that value to all industrial shippers.
"We needed to effectively and efficiently dispatch 1,000 loads per day without adding human resources. Princeton TMX accomplished everything we needed it to do. We were able to dispatch 1,000 loads per day much more easily than with previous methods. The dispatch rules and having positive carrier acceptance of loads has made the process much simpler, saving significant time,"
-Scott Vaughn, Truck Manager at Argos USA, a cement and ready-mix concrete supplier.
We are thrilled to find a like-minded investor that shares our culture, believes in the value we can deliver, and adds the experience necessary to help us capitalize on the significant opportunity available in this market,said Minnich.
Aaron Clark, Managing Director at The Stephens Group, added, Industrial shippers deserve a high value TMS solution tailored specifically to their needs. Princeton TMX has built the leading enterprise-grade solution in the space. We look forward to working with Princeton TMX and making the investments necessary to deliver even greater value to customers."
Software Equity Group (SEG) served as the exclusive financial advisor to Princeton TMX for the transaction.
About Princeton TMX
Princeton TMX (princetontmx.com) offers shippers a cloud-based transportation management system that automates, streamlines and optimizes transportation transactions. The results are increased efficiency, ease of workflow, and lower cost. Over 10,000 users in North America manage more than $5 billion of freight spend through the flexible modular TMS system.
About The Stephens Group, LLC
The Stephens Group, LLC is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens, Jr. and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With nearly $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, The Stephens Group has invested in 49 companies, targeting investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, B2B food, technology infrastructure and tech-enabled services.