OTS Logistics Group (OTS), which was founded by expatriate New Zealand businessman and philanthropist Owen Glenn, has been sold to a London-based private equity group, Man Capital LLP, for an undisclosed sum.
Glenn said in a statement he was confident Los Angeles-based OTS would continue to grow under Man Capital's ownership.
OTS provides non-vessel operating common carrier services and serves the freight forwarding industry through different brands worldwide including Vanguard Logistics, AFS, Brennan, Conterm, DCL, Ocean Express and Export Freight Services.
The group, which reported gross sales of more than US$700 million ($886m) in 2010, was created through a series of acquisitions.
Direct Container Line, founded by Owen Glenn in 1978 merged with Brennan International and Conterm Consolidation Services in 1998.
The group was renamed OTS Logistics in 2001 and has continued its expansion principally in Asia and Europe.
Man Capital was established in 2010 with the focus of providing capital and strategic support to companies with attractive growth perspectives.
The company is backed Egyptian investment company, the Mansour Group, which has operations in the Middle East, Russia and Africa.
