Proficient Auto Logistics, Inc Plans $215 Million IPO for May 9th (PAL)

Proficient Auto Logistics, Inc (PAL) is planning to raise $215 million in an initial public offering (IPO) on Thursday, May 9th, IPO Scoop reports. The company plans to issue 14,333,333 shares at a price of $14.00-$16.00 per share.

In the last 12 months, Proficient Auto Logistics, Inc generated $415 million in revenue and $8.3 million in net income. Proficient Auto Logistics, Inc has a market-cap of $361.7 million.

Proficient Auto Logistics provided the following description of their company for its IPO: “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 about $180.4 million in cash and an as yet undisclosed number of shares of common stock, assuming an IPO price per share that is to be determined, the prospectus says.   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 disclosed terms for its IPO – 14.33 million shares at a price range of $14.00 to $16.00 to raise $214.95 million, 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.)     “.

Proficient Auto Logistics was founded in 2023 and has 649 employees. The company is located at 12276 San Jose Blvd, Suite 426, Jacksonville, FL 32223 and can be reached via phone at (904) 772-1175 or on the web at https://www.proficientautologistics.com/.