Third party logistics provider Transplace has been acquired by an affiliate of CI Capital Partners, a New York-based private investment firm.
Transplace, which is non-asset based, is owned by J.B. Hunt Transport Services, Swift Transportation, U.S. Xpress Enterprises and Covenant Transportation Group. The terms of the transaction were not disclosed.

"We are pleased to complete a transaction that will provide Transplace with the capital to continue its internal growth and take advantage of attractive acquisition opportunities," said Tom Sanderson, Transplace's CEO.

Transplace, which was founded in 2000 by six carriers, provides full transportation outsourcing, carrier contracting and negotiation, and freight brokerage services. The company has about 650 customers.

"Transplace is an excellent growth platform in the 3PL and transportation management sector," said Joost Thesseling, principal at CI Capital Partners. "The market for outsourced transportation is very large and fragmented, and we believe Transplace is well positioned to continue to expand its 3PL and freight brokerage businesses organically as well as through strategic acquisitions."