Proficient Auto Logistics, a consolidation of auto transportation and logistics services providers, filed with the SEC on Thursday to raise up to $100 million in an initial public offering.
Formed in conjunction with the IPO through the merger of five operating companies, Proficient Auto Logistics will operate what it claims to be one of the largest auto transportation fleets in North America, utilizing approximately 1,130 auto transport vehicles and trailers daily, including 615 company-owned transport vehicles and trailers. Through its 49 strategically located facilities across the US, the company will offer a wide range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships around the country. Customers range from large, global auto companies, such as General Motors and BMW, to electric vehicle producers, such as Tesla and Rivian. Additional customers include auto dealers, auto auctions, rental car companies, and auto leasing companies.
The Jacksonville, FL-based company booked $415 million in revenue for the 12 months ended December 31, 2023, and plans to list on the Nasdaq under the symbol PAL. Proficient Auto Logistics filed confidentially on December 22, 2023. Stifel, Raymond James, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
