Stay up to date with the latest transportation news by receiving TTNews directly in your email. ]
In a press release, Bluejay Capital Partners and Trive Capital announced that they would be investing in RPM Freight Systems.
In an email sent on June 17, an RPM spokesperson confirmed that Trive and Bluejay now own the majority stake in the freight broker, which specializes primarily in logistics for the automobile industry.
RPM is ranked No. RPM is ranked No. 94 in the Transport Topics Top 100 List of the largest logistic companies in North America. It is also ranked No. The list of freight brokerages ranks it 49th.
RPM, based in Royal Oak, Mich., plans to use the money to expand its business. The size of the investment made on June 1 is not being revealed, according to the spokesman.
Barry Spilman, RPM’s founder and CEO, said: “We are excited to partner with Trive & Bluejay as we move into our next phase of expansion and leverage their considerable operational and industry expertise.”
Spilman said that the support and resources from these two firms would accelerate our growth trajectory, by enhancing our capabilities and unlocking opportunities in North America as well as Europe.
RPM was founded in 2011 and transports over 600,000 vehicles per year for original equipment manufactures, dealerships, financial institutes, auctions, and other specialized markets in North America, Europe, and Asia. According to Transport Topics, RPM’s gross revenue in 2023 was $480 million.
The spokesman said that RPM will use the private equity funding to boost its technology platforms and to increase its headcount.
In May, RPM announced its partnership with MBSi. This software specialist in repossession assignment management is expected to help RPM’s post-recovery services for lenders, agents and forwarders.
RPM’s plans for growth include consumer vehicle transport. In November, RPM launched a direct-to consumer auto transportation service. RPM Moves allows individuals to receive a quote, schedule their vehicle’s transport, and pay anywhere in the continental United States. The service is aimed at customers who are looking to move for a job or a new home.
RPM’s new investors were attracted by the growth opportunities and consolidation expected in the auto hauling industry.
“Partnering up with RPM is a fantastic opportunity.” Bluejay Managing Director Pierre Mathieu stated that they were eager to be a part of RPM’s growth and are confident in the company’s ability to seize new opportunities in the automotive and specialty transportation markets.
“We are delighted to partner with RPM’s talented team, who have created a business which is a win-win situation for both shippers as well as carriers. The company will continue its pursuit of excellence in logistics, with its flexible and customer-centric service models, and Trive is looking forward to investing in its platform to support continued growth,” said Trive Managing director Andrew Frank.
Spilman will continue to be an investor in RPM, said the spokesman.
Want to know more? Listen below to the daily briefing or click here for more information: