January 11, 2024
Alba Wheels Up and Southfield Capital Announce the Strategic Acquisition of John A. Steer Co.
GREENWICH, CT - Southfield Capital, a premier lower middle market private equity firm, announced today that Alba Wheels Up (“Alba”), a provider of customs brokerage, freight forwarding, trade compliance and other logistics services, based in Valley Stream, NY, has acquired John A. Steer Co. (“Steer”, or the “Company”), a provider of customs brokerage, logistics and transportation solutions for customers in highly regulated end markets.
Founded in 1905, Steer provides customs brokerage and logistics services for clients worldwide across end markets such as food, beverage and chemicals and other highly regulated, multi-government agency-oriented verticals. Steer is headquartered in Philadelphia, PA and has five additional offices across the United States. The acquisition will broaden the company’s geographic reach, providing existing and new customers with a wider range of resources as well as more comprehensive service offerings and technology solutions.
"This acquisition marks a significant milestone for Alba as we continue to expand our footprint in the customs brokerage and broader logistics sector,” said Damien Stile, CEO of Alba. “We are excited to welcome the talented team from Steer. Our combined expertise and resources will create a powerhouse of global customs brokerage and logistics services. Clients of both Alba and Steer can expect an enhanced and seamless experience.”
Steer's CEO, Daniel Wackerman, echoed Mr. Stile's sentiments, stating, "The cultural fit and synergies are truly remarkable. Joining forces with Alba opens up new and exciting possibilities for Steer and our clients. This strategic move allows us to leverage our respective strengths, accelerate our technology transformation, and enhance the value we deliver to customers.”
Southfield Partner Heb James commented, "We are thrilled to join forces with Dan and the Steer team. The addition of Steer significantly enhances Alba’s geographic and service capabilities. The acquisition aligns perfectly with Alba’s strategy of providing critical customs brokerage and logistics services for trade sensitive end markets.”
Finn Dixon & Herling LLP provided legal counsel to Alba and Southfield Capital. G2 Capital Advisors served as exclusive financial advisor to Alba.
About Alba Wheels Up
Alba is a fully integrated logistics provider offering customs brokerage, logistics, trade intelligence and industry-leading supply chain solutions to middle market and larger companies. Alba is headquartered in Valley Stream, NY with offices in Jersey City, NJ, Houston, TX, Los Angeles, CA and San Francisco, CA.
For more information, please visit www.albawheelsup.com
About Southfield Capital
Southfield Capital is a private equity firm that invests in high-growth, lower middle market companies in the outsourced business services sector. The firm targets companies with $4 - 15 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies.
For more information, please visit www.southfieldcapital.com