Proficient Auto Logistics, a roll-up of auto transportation and logistics services providers, announced terms for its IPO on Monday.
The Jacksonville, FL-based company plans to raise $215 million by offering 14.3 million shares at a price range of $14 to $16. Insiders intend to purchase $3 million worth of shares in the offering (1% of the deal). At the midpoint of the proposed range, Proficient Auto Logistics would command a market value of $362 million.
Formed in connection with the IPO through the combination of five operating companies, Proficient Auto Logistics will operate what it states is one of the largest auto transportation fleets in North America, utilizing roughly 1,130 auto transport vehicles and trailers on a daily basis, including 615 company-owned transport vehicles and trailers. Through its 49 strategically located facilities across the US, the company will offer a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships around the country. Customers range from large, global auto companies, such as General Motors and BMW, to electric vehicle producers, such as Tesla and Rivian. Additional customers include auto dealers, auto auctions, rental car companies, and auto leasing companies.
Proficient Auto Logistics was founded in 2023 and booked $415 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol PAL. Stifel, Raymond James, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of May 6, 2024.
