Case Study: Odyssey Logistics

Odyssey Logistics & Technology is a full service outsourced logistics management service provider targeting the chemicals and process industries.  Odyssey Logistics was founded in December 2002 by a team of managers that ran UniGlobal, a wholly owned Union Carbide subsidiary in charge of $650,000,000 of Union Carbide logistics budget.  Odyssey’s services allow chemicals and process manufacturers to completely outsource the logistics management and transportation of their raw materials and finished goods.  The company supports its clients in the following areas: carrier relationships, freight forwarding, freight rate quotations, freight consulting, routing guide management, triage of shipment problems, transportation contracting, carrier complaint resolution, freight damage claims, export product classification support, third party shipment support, import logistics optimization, rail fleet management, NAFTA certification process, and supply chain network design.  Today, Odyssey is a global logistics solutions provider with a nearly $2,000,000,000 freight network. Odyssey’s services include international transportation management, intermodal services, trucking services, managed services, consulting, and sample fulfillment.  With operations in North America, Europe and the Far East, Odyssey operates in all modes of transport.  The Odyssey Global Logistics PlatformSM features a transportation management system that supports the safe, reliable and efficient delivery of client products throughout the world.

Boston Millennia Partners sourced the Odyssey investment from one of our close advisors and limited partners in our funds. The company participates in the highly fragmented logistics marketplace where many add on acquisitions can be completed at reasonable values.  After meeting with management and completing our due diligence, BMP became a lead investor. Our investment was the first institutional investment into an operating team spinning out from an existing Fortune 500 public company. In doing so, revenue was available to the company from the onset of its operations. We assumed a lead role on the board of directors and have worked closely with management since as they augmented their strategy, identified new acquisition candidates and developed its professional management team.

Odyssey is a prime example of a Core Company platform opportunity, i.e. a company whose growth we can accelerate with a strategic acquisition program. The company participates in a highly fragmented market where many add-on acquisitions are available. With our encouragement, guidance, and financing, Odyssey has completed 14 add-on acquisitions, augmenting revenue and EBITDA in a highly capital-efficient manner. The company grew earnings more than 60% in 2014, and currently continues a trend of double digit year-over-year revenue and earnings growth. The company’s success comes from its superior acquisition identification negotiation, and integration skills as well as its singular focus on providing value-added services and global capabilities for its clients across all transportation modes.  With a workforce of more than 1,200, its expertise supports its clients’ evolving needs. Odyssey will be a highly attractive acquisition for a strategic or financial buyer, or could be an attractive IPO candidate.

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