The Freymiller refrigerated fleet is acquired by a private equity firm
A private equity firm has bought the company that operates Freymiller refrigerated trailers across the United States
OBS Holdings LLC, which does business as Freymiller, was purchased by Santa Monica, Calif.-based Angeles Equity Partners LLC and Orlando, Fla.-based KJM Capital LLC, according to a press release. The newly acquired company provides refrigerated transportation and freight brokerage services to support cold chain management.
Freymiller, based in Oklahoma City, Okla. has a fleet of over 600 tractors. It was founded in 1968 by Don Freymiller in Shullsberg, Wis. At first, the company hauled livestock, but the business moved to raw meat, produce and eventually chilled cargo in the 1970s, according to the history on the company’s website. The company moved to Oklahoma City in 1996.
The founder’s son, David Freymiller, has been president and CEO for more than 25 years. He is expected to continue with the company.
He said in the press release that “this investment represents an opportunity for us to accelerate our growth. We will focus on our mission to provide the most reliable temperature-controlled services to our partners while remaining true to our values of safety, professionalism, integrity and excellence.
Angeles said in the press release that it was focusing on an industry focused on differentiated transportation and logistics providers when the Freymiller opportunity arose.
“Angeles is excited to invest in the freight logistics industry alongside industry veterans with a long history of building and leading trucking and logistics businesses,” said Sam Heischuber, principal at Angeles, in the press release. “The transport and logistics market has been greatly disrupted by the COVID pandemic. We believe large-scale specialist suppliers, such as Freymiller, should benefit from the current macroeconomic environment as demand for refrigerated logistics continues to grow in a tight capacity market.