Proficient Auto Logistics, a roll-up of auto transportation and logistics services providers, raised $215 million by offering 14.3 million shares at $15, the midpoint of the range of $14 to $16. An insider had indicated on $3 million worth of shares in the offering (1% of the deal).
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 plans to list on the Nasdaq under the symbol PAL. Stifel, Raymond James, and William Blair acted as joint bookrunners on the deal.
