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WWEX Sale Gives Thoma Bravo Path to New Logistics Platform
Private Equity Firm Combines WWEX and Auctane as Investors Keep Minority Stake
Key Takeaways:
- Thoma Bravo agreed to buy WWEX Group and merge it with portfolio company Auctane in a deal valuing WWEX at almost $5 billion, according to people familiar with the matter.
- The combination creates a Texas-based logistics and shipping tech company valued at up to $12 billion as AI-driven automation reshapes warehouse and forecasting operations.
- The transaction is expected to close in the second quarter, with some existing WWEX investors retaining a significant minority stake.
Thoma Bravo agreed to a deal to acquire third-party logistics provider WWEX Group and merge it with an existing portfolio company.
The private equity firm plans to combine WWEX with Auctane Inc., an e-commerce shipping software maker, according to a statement March 3 that confirmed a Bloomberg NewsÌý.
Thoma Bravo is buying WWEX from a consortium including CVC Capital Partners, Providence Equity Partners, Ridgemont Equity Partners and PSG. Financial details were not disclosed.
WWEX ranks No. 17 on the Transport Topics Top 100 list of the largest logistics companies in North America.
The deal values WWEX, which includes the Worldwide Express brand, at almost $5 billion, people familiar with the matter said. The combined WWEX-Auctane business will be worth as much as $12 billion, they said, asking not to be identified because the information is private.
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The transaction allows Thoma Bravo to bring together the two Texas-based logistics and shipping technology companies at a time when artificial intelligence is rapidly transforming the sector, helping firms cut costs by automating warehouse and back-office tasks while sharpening demand forecasts.
Bloomberg NewsÌýÌýin December that Thoma was in talks to acquire WWEX and combine it with Auctane, formerly known as Stamps.com. ThomaÌýÌýto take what was then Stamps.com private for $6.6 billion in 2021.Ìý
CVC and other existing WWEX investors will roll over a portion of their equity in the company and retain a significant minority position in the newly combined entity, according to a March 3 statement.
Describing itself as the world’s largest software-focused investment firm, Thoma Bravo has assets under management of more than $181 billion, with over 75 companies in its portfolio, itsÌýÌý²õ³ó´Ç·É²õ.
Private equity firms that invest in software have found themselves on the back foot in recent weeks amid concerns that AI tools from the likes of Anthropic PBC and OpenAI will permanently upend ways businesses can grow. Anthropic CEO Dario Amodei has expressed a desire to partner with, rather than displace, established software companies.
The WWEX transaction is expected to close in the second quarter.
Kirkland & Ellis is serving as legal adviser to Thoma Bravo and Auctane. JPMorgan Chase & Co. and Morgan Stanley are serving as joint lead financial advisers to WWEX. Goldman Sachs Group and UBS Group AG are also acting as financial advisers to WWEX.
