Private equity firm Trident announced a strategic investment in same-day delivery company Priority Courier Experts.
Priority operates an expedited B2B courier service in the Minneapolis-St. Paul area. The company serves numerous industries with a fleet of trucks and parcel delivery vehicles. It has 187 power units registered, according to Federal Motor Carrier Safety Administration data.
Trident partnered with Bluejay Capital to make the investment.
Financial terms were not disclosed.
Mark Cossack, Priority’s former president, will lead the company as its new CEO. Priority’s Ted Burchell was promoted to president of the company.
“We are thrilled to have Trident and Bluejay as partners in pursuing the next frontier of growth for Priority,” said Cossack.
The investment is expected to help the company expand into other markets.
“We are eager to join forces with Mark, Ted and Bluejay to build upon the strong success the company has achieved to date and to expand its services into new geographies to better serve customers,” Trident’s founder and CEO Eric Taylor said.
Transportation and logistics advisory firm Tenney Group advised Priority on the deal.
“Trident’s strategic investment in Priority opens up all kinds of exciting opportunities for continued growth. It’s a win for everyone involved,” said Spencer Tenney, president and CEO of Tenney Group.
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