In 2007, Warburg Pincus invested in Coyote Logistics (Coyote), a technology-driven, leading provider of truckload brokerage services. Founded in 2006, Coyote utilizes an asset-light model to contract truckload shipments between shipping customers and trucking companies, without directly owning any trucks. As a fast-growing provider of mission-critical brokerage services in a large, highly fragmented industry with favorable secular trends, Coyote was a compelling investment opportunity with an attractive business model. Following the firm’s investment, Warburg Pincus provided Coyote with a line of equity financing to pursue strategic acquisitions, providing significant guidance and oversight in helping management evaluate accretive opportunities. Warburg Pincus backed Coyote’s acquisitions of Integra Logistics and GFS, two Atlanta-based intermodal brokers in 2008, as well as funded the acquisition of Access America, a fast-growing truck broker based in Tennessee. Additionally, Warburg Pincus assisted the company in developing a differentiated sales process by separating new customer acquisition efforts from the truck matching process. Under Warburg Pincus’ ownership, Coyote was included on Inc. Magazine’s list of fastest growing companies and was recognized on Forbes’ Most Promising Companies after achieving over $1 billion of gross revenue. Warburg Pincus exited the investment in 2015.
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