Proficient goes public to acquire five logistics firms

The Delaware-based FVL trucking firm is seeking to combine with Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group, Proficient Auto Transport and Tribeca Automotive, following a recent trend of consolidation in the FVL sector.

The company filed an SEC S-1 registration statement to raise the funds through the IPO of its common stock on 11 April, under the symbol PAL. The IPO is highly speculative as it is unusual to fund the acquisitions with public investment. This may be in response to the highly fragmented and competitive market that exists in the region without dominant players.

In another unusual move, the filing listed that Proficient will only acquire all five companies, or none at all, and the IPO and acquisitions are reliant on each other’s closing. If successful, the combined group will continue to serve customers from large OEMs as well as dealers and rental and leasing firms and will operate 49 facilities throughout the US.

The combined company would be one of the largest fleets in North America, using around 1,130 trailers on a daily basis, including 615 company-owned trucks.

Proficient was a small-scale logistics firm until it was purchased in 2004 by Kirk Williams, the previous president and CEO of the firm which has been headed up by Ross Berner since 2023. Williams brought in venture capital firm Stonehenge Growth Capital which put up funding in exchange for an ownership share. Berner is from a similar background, having previously been chief operating officer of Live Oak Acquisition and a founding partner at PCO Investment Management.