Gamut Capital Management and BCI to Invest in PS Logistics

Gamut Capital Management, L.P., a leading New York-based middle market private value firm, in partnership with British Columbia Investment Management Corporation, one of Canada's largest institutional investors, declared they have consented to an authoritative arrangement to put resources into PS Logistics.

As the largest and quickest developing flatbed transportation and full-administration logistics provider in the United States, PS Logistics employs a "Driver-First" culture to transport general flatbed commodities with a specialization in irregular course administration in the continental United States.

“The combination of our exceptional team, with the resources we will gain through our relationship with Gamut and BCI, will enable PS Logistics to accelerate our growth while continuing to provide best-in-class services to our customers,” said Scott Smith, CEO of PS Logistics.

“As a long-term investor, we seek market-leading companies with a demonstrated track record of creating shareholder value, like PS Logistics. We look forward to working with the founder-led management team and Gamut to support the company’s future growth”, said Aaron Papps, Senior Portfolio Manager at BCI. “The continued growth and success of PS Logistics will provide compelling risk-adjusted returns for our pension plan and insurance fund clients.”

Financial terms of the transaction are not disclosed. The transaction, which is dependent upon customary closing conditions, is expected to close in the second from last quarter of this current year.

RBC Capital Markets, Credit Suisse and Deutsche Bank Securities Inc. filled in as financial advisors and Paul, Weiss, Rifkind, Wharton and Garrison LLP filled in as legal counsel to Gamut and BCI, and Weil, Gotshal and Manges LLP filled in as separate legal counsel to BCI. UBS Investment Bank filled in as exclusive financial advisor and Kirkland and Ellis LLP filled in as legal counsel to PS Logistics. RBC Capital Markets, Credit Suisse, Deutsche Bank Securities Inc. and Wells Fargo Bank, N.A. are providing financing commitments for the transaction, subject to customary terms and conditions.

About Gamut Capital Management
Gamut Capital Management is a New York-based private investment firm managing $1.2 billion in assets focused on the middle market. Founded in 2015, Gamut’s senior deal professionals have executed investments in over 50 companies in North America and Europe. 

About BCI
With C$171.3 billion of assets under management as of March 31, 2020, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$17.9 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 30 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors.