GeoLogistics Corp. said turnaround investor Questor Management Co. has bought $67.5 million worth of the Santa Ana-based logistics company’s stock.
The proceeds are expected to go toward improving operations and expansion at GeoLogistics, according to Chief Executive Bob Arovas. The company also plans to pay down debt.
Along with the funding, GeoLogistics said Questor helped it reach an agreement with GeoLogistics’ main lender to rework the company’s credit facility. Under the new agreement, credit will be reallocated among the company’s various operating facilities, and the maturity of the principal borrowing facilities will be extended.
GeoLogistics counts annual revenue of about $1.5 billion. Customers include General Electric Co., Wal-Mart Stores Inc. and IBM Corp. The company ranked No. 5 on this year’s Business Journal list of private companies based here.
The company’s logistics services include transportation management, freight-forwarding and customs brokerage, warehousing, consulting and supply-chain management. GeoLogistics also operates the Bekins Van Lines and Matrix International home moving businesses.
Questor principal Michael D. Madden called the GeoLogistics investment “an opportunity to acquire a meaningful interest in a company that has significant unrealized potential.”
