Proficient Auto Logistics

General Information
Business:

We are a leading non-union specialized freight company focused on providing auto transportation and logistics services. (Incorporated in Delaware)

Formed in connection with this offering through the combination of the Founding Companies, five industry-leading operating companies, we will operate one of the largest auto transportation fleets in North America, based upon information obtained from leadership of the Auto Haulers Association of America, utilizing roughly 1,130 auto transport vehicles and trailers on a daily basis, including 615 Company-owned transport vehicles and trailers, and employing 649 dedicated employees as of Nov. 30, 2023. 

Our customers range from large global auto companies such as General Motors, BMW, Stellantis and Mercedes-Benz to electric vehicle (“EV”) producers such as Tesla and Rivian. Additional customers include auto dealers, auto auctions, rental car companies and auto leasing companies. 

Prior to this offering, Proficient Auto Logistics, Inc. entered into agreements to acquire in multiple, separate acquisitions (the “Combinations”) five operating businesses and their respective affiliated entities, as applicable, operating under the following names: (i) Delta Automotive Services, Inc., doing business as Delta Auto Transport, Inc., (“Delta”), (ii) Deluxe Auto Carriers, Inc. (“Deluxe”), (iii) Sierra Mountain Group, Inc. (“Sierra”), (iv) Proficient Auto Transport, Inc. (“Proficient Transport”), and (v) Tribeca Automotive Inc. (“Tribeca” and, together with Delta, Deluxe, Sierra, and Proficient Transport, the “Founding Companies”).

The Founding Companies will be acquired for approximately $180.4 million in cash and 6,978,191 shares of our common stock (provided, that 541,866 of these shares of common stock will be held back and will not be issued at the closing of the Combinations to satisfy the indemnification obligations of certain of the Founding Companies for a period of 12 months following the closing of this offering), assuming an initial public offering price of $15.00 per share, according to the prospectus.

Note: Net income and revenue are pro forma combined figures for the five founding companies for the 12 months that ended Dec. 31, 2023, according to the prospectus.

(Note: Proficient Auto Logistics priced its IPO on May 8, 2024, in sync with the terms in its prospectus: 14.33 million shares at $15.00 – the mid-point of its $14.00-to-$16.00 price range – to raise $215.0 million. Background: Proficient Auto Logistics disclosed terms for its IPO – 14.33 million shares at a price range of $14.00 to $16.00 – to raise $214.95 million, if priced at the $15.00 mid-point, according to an S-1/A filing dated April 29, 2024. Background: Proficient Auto Logistics filed its S-1 on April 11, 2024, without disclosing terms for its IPO. The company submitted a confidential IPO filing to the SEC  on Dec. 22, 2023.)

 

 

Industry: LOGISTICS - Auto Transportation - Freight
Employees: 649
Founded: 2023
Contact Information
Address 12276 San Jose Blvd, Suite 426, Jacksonville, FL 32223
Phone Number (904) 772-1175
Web Address https://www.proficientautologistics.com/
View Prospectus: Proficient Auto Logistics
Financial Information
Market Cap $361.65mil
Revenues $414.6 mil (last 12 months)
Net Income $9.1 mil (last 12 months)
IPO Profile
Symbol PAL
Exchange NASDAQ
Shares (millions): 14.3
Price range $15.00 - $15.00
Est. $ Volume $215.0 mil
Manager / Joint Managers Stifel/ Raymond James/ William Blair
CO-Managers
Expected To Trade: 5/9/2024
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change