Jordan Company buys shipping business

The mid-market firm is planning to launch its Resolute Fund III in the coming weeks and will target $3 bn for the vehicle.

US mid-market firm The Jordan Company has acquired logistics and transportation business American Fast Freight, bringing the firm’s Resolute Fund II to roughly 80 percent invested.

American Fast Freight specialises in domestic ocean freight services, airfreight forwarding, logistics and distribution. The investment comes as The Jordan Company readies its Resolute Fund III, which the firm will launch in the coming weeks, according to a source with knowledge of the situation. Fund III will have a $3 billion target and follow the same buy-and-build strategy as The Resolute Fund II, which collected $3.6 billion in 2008.

The Jordan Company declined to comment.

The firm’s Resolute Fund II was producing a 1.07 multiple and 3 percent internal rate of return as of 30 June, 2012, according to performance information from the California Public Employees’ Retirement System.

The Jordan Company typically invests in businesses with enterprise value between $100 million and $2 billion. The firm backs companies is a wide variety of industries, including aerospace and defense, energy, consumer products, healthcare and financial services.

Headquartered in New York with offices in Chicago and Shanghai, The Jordan Company manages more than $5 billion of committed capital.