SEKO Logistics has announced that it has successfully entered into a definitive agreement on a transaction with its key financial partners that is expected to “reinforce the Company’s financial foundation and position it to continue to lead the logistics industry in innovation, excellence, and unmatched client service well into the future”.
Through the transaction, which the company stresses has the support of its lenders and equity sponsors, SEKO will be recapitalized.
According to SEKO, the move will result in a “strengthened financial position which will allow the Company to further invest in its team, network, client solutions, and technology”.
“With the recapitalization and scalable go-forward business plan, SEKO will enter an exciting new phase with the financial and strategic foundation to create the future of logistics,” said James Gagne, SEKO’s Chief Executive Officer.
Gagne added:
“The ongoing freight recession has impacted the entire market, and by proactively addressing our balance sheet, we will be at the forefront of the industry and better equipped to navigate these challenges and provide exceptional value to our clients and partners around the world. With significant new investment, we will build on our momentum to capitalize on emerging opportunities and expand the global reach of our mission-critical service offerings as the industry recovers.”
Upon closing of the transaction, which is expected in the coming weeks, SEKO says it will continue to “benefit from the support of existing financial partners, who are confident that the Company has the right strategy, team, and culture to achieve and exceed its objectives”.
SEKO also announced that its existing leadership will remain in place.