Internet Truckstop Group (“ITG”) today announced an investment from Bregal Sagemount aimed at supporting the Company’s continued expansion.
ITG is the leading provider of end-to-end technology solutions throughout the freight execution lifecycle in North America. Bregal Sagemount is a private equity firm focused on investing both capital and strategic assistance in market-leading companies in high-growth sectors. Following a period of accelerated growth over the past few years, ITG plans to utilize the invested capital to rapidly scale its services, market reach, and provide continued value-add to its customers.
“Our flagship property, Truckstop.com, was founded in 1995 and has been a pioneer in offering innovative technology solutions rooted in the transactional freight business,” said Paris Cole, CEO of ITG. “In the highly-competitive freight transportation market, we have differentiated ourselves through our commitment to provide superior customer value through our extensive freight network. Bregal Sagemount will be a critical ally in the next chapter of our story as we move aggressively to help our customers tackle their biggest challenges. New capital will allow us to continue to innovate and roll out new products, such as our recently-launched LoadPay and Cargo Insurance offerings. We chose to partner with Bregal Sagemount because of the firm’s deep sector expertise, flexible investment approach, and experience with helping companies accelerate their growth.”
“ITG has emerged as the leader in this market through its consistent effort to work closely with customers to understand their needs to meet the unique requirements of each business,” added Phil Yates, Founding Partner at Bregal Sagemount. “In ITG, we have a top management team offering transformative products to the rapidly-evolving freight transportation market. We are excited to partner with ITG to enable them to further help freight carriers and brokers thrive.”
Cole added, “I believe ITG’s dedication to providing value and unique solutions to address customer needs has resulted in a successful 2015. We are relentlessly looking for better ways to build off our strong foundation, and we are strategically advancing our products by embracing connectivity and integrating it into the core of our solutions.”
Phil Yates will also join Internet Truckstop Group’s Board of Directors. Terms of the deal were not disclosed. Signal Hill acted as ITG’s exclusive financial advisor. Managing Directors Dave Dolan and John Roediger led the Signal Hill team.