Transportation Investment Banking

For more than 20 years, Raymond James has had one of the leading transportation practices in the investment banking industry. The group employs a knowledge-driven approach to the aviation, logistics, trucking, rail, maritime, transportation leasing and infrastructure sectors. Our group has bankers based in North America and Europe with significant cross-border M&A and capital raising experience, giving us a uniquely global perspective on and access to global clients in the transportation sector. Our efforts are complemented by the firm’s award-winning transportation research team which covers more than 35 public companies in these same sectors, seeking out new sources of industry data to drive better decision-making. Our investment bankers have handled more than 200 completed equity, debt, M&A and restructuring transactions and have formed deep ties with senior executives and private equity firms while showing an understanding of the business challenges and opportunities that clients’ companies face. Our focused, effective business model and our understanding of these sectors have contributed to our track record of success.

Transportation Subsector Expertise

 

  • Aerospace
  • Airlines
  • Aviation services
  • Equipment manufacturing
  • Infrastructure
  • Leasing
  • Logistics
  • Maritime
  • Public transportation
  • Rail
  • Transportation technology and services
  • Trucking

Transportation Insights

Senior Banking Team

Bio-no-photo
Chip Grayson

Managing Director

Memphis

1.901.529.3701
 
Chip GraysonView Bio
Crutcher Reiss Headshot
Crutcher Reiss

Director

St. Petersburg

1.727.567.1702
 
Crutcher ReissView Bio
Bio-no-photo
Zach Allen

Vice President

St. Petersburg

1.727.567.2740
 
Zach AllenView Bio
Forrest baty headshot

Forrest Baty

Vice President

Memphis

1.901.531.3398
 
Jake Zwiebel
Jake Zwiebel

Vice President

St. Petersburg

1.727.567.2124
 
Jak ZwiebelView Bio

Transaction History

March 2025 porter Structured Equity Investment C$230,000,000

March 2025

About Porter Airlines

Established in 2006, Porter Airlines is Canada’s third-largest airline and headquartered in Toronto, Ontario. It operates a fleet of DHC-8-400 turboprop and Embraer 195-E2 jet aircraft.
January IMC has sold a majority equity stake to Kuehne + Nagel

January 2025

About IMC Logistics

Headquartered in Collierville, Tennessee, IMC is the largest marine drayage provider in the U.S. IMC offers intermodal solutions including Drayage, Container Storage, Transloading, Intermodal Rail, Chassis Provisioning, and Project Logistics.
September 2024 RXO Follow-On Offering Co-Manager $500,000,000

September 2024

About RXO

RXO is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation and last mile delivery.
July 2024 Hornblower confirmed its plan of reorganization Valuation Advisor to the Official Committee of Unsecured Creditors

July 2024

About Hornblower

Hornblower Group is a global leader in experiences and transportation.Spanning a 100-year history, Hornblower Group's portfolio of international offerings includes water-based experiences (dining and sightseeing cruises), land-based experiences (walking tours, food tours and excursions) and ferry and transportation services.
AFG Avenger Flight Group Senior Debt Restructuring Equity Add-On Investment Patriot Capital Seacoast Capital Financial Advisor

July 2024

About Avenger Flight Group

Avenger Flight Group was founded in 2013 in Fort Lauderdale, Florida. We provide low-cost training solutions for our clients while preserving value, a high degree of quality and customer service at all times. 
May 2024 Proficient Auto Logistics $215m Initial Public Offering Bookrunning Manager

May 2024

About Proficient Auto Logistics

Proficient Auto Logistics combines five industry-leading automobile transportation companies to become a leading non-union, specialized freight company. 
December 2023 Equipment Transport Has sold Eagle Ford and Permian Crude trucking assets Sell Side Advisor

December 2023

About Equipment Transport

Founded in 2009, Equipment Transport provides safe, efficient and responsible logistics solutions for energy production across the United States.
December 2023 Equipment Transport Has been sold Sell Side Advisor

December 2023

About Equipment Transport

Founded in 2009, Equipment Transport provides safe, efficient and responsible logistics solutions for energy production across the United States.
December 2023 GTI Group A portfolio company of Novacap Has been acquired by Canada Cartage A portfolio company of Mubadala Capital

December 2023

About GTI Group

GTI is a leading asset-light provider of diversified transportation and logistics solutions across North America. The Company offers a comprehensive suite of logistics solutions including brokerage, asset-light and specialized trucking, asset-light drayage, freight forwarding, warehousing and transportation management. 
December 2023 Hunter Truck Has been acquired by Fremont

December 2023

About Hunter Truck

Founded in 1938 and based in Butler, Pennsylvania, Hunter Truck is one of the largest authorized Peterbilt commercial truck dealership groups in the U.S. with 19 locations across Pennsylvania, New York, West Virginia, and New Jersey. 
October 2023 Equipment Transport Has sold Rockies and Appalachian crude trucking assets Sell Side Advisor

October 2023

About Equipment Transport

Founded in 2009, Equipment Transport provides safe, efficient and responsible logistics solutions for energy production across the United States.
October 2023 Equipment Transport Has sold Appalachian trucking assets Sell Side Advisor

October 2023

About Equipment Transport

Founded in 2009, Equipment Transport provides safe, efficient and responsible logistics solutions for energy production across the United States.
October 2023 PFSweb Has been acquired by GXO

October 2023

About PFSweb

PFSweb is a premier eCommerce order fulfillment provider, supporting DTC and B2B retail brands focused on health and beauty, fashion and apparel, jewelry and prestige consumer packaged goods categories. 
September 2023 Fortbrand A portfolio company of Wincove Has been acquired by Basalt Infrastructure Partners

September 2023

About Fortbrand Holdco LLC

Headquartered in Plainview, New York, Fortbrand Services is an essential transport infrastructure lessor of Ground Support Equipment (GSE) and Airport Maintenance Equipment (AME). 
August 2023 Intermodal Tank Transport Has received a structured equity investment from Apollo

August 2023

About Intermodal Tank Transport

Intermodal Tank Transport is a provider of intermodal ISO tank transportation logistics and depot services for the international, deep-sea distribution of bulk-liquid chemical and food-grade products.
July 2023 Action Dedicated Has been acquired by PS Logistics A portfolio company of Gamut Capital

July 2023

About Action Dedicated

Action Dedicated, a subsidiary of Action Resources, specializes in dedicated transportation in the southeastern United States. 
February 2023 Dolphin Aviation Has been acquired by Hawthorne A portfolio company of NOVA Infrastructure Wafra

February 2023

About Dolphin Aviation

Dolphin Aviation, Inc. was founded in 1969 and has been conducting business continuously ever since at its location at the Sarasota-Bradenton International Airport in Sarasota, Florida. 
December 2022 WandB Service Company has been recapitalized by Stellex Capital Management

December 2022

About WandB Service Company

Founded in 1952 and based in the Dallas - Fort Worth metroplex, W&B is a leading provider of equipment, parts, and service to the transportation industry with an expansive footprint across Texas, Oklahoma, Arkansas, and Louisiana.
November 2022 United Vision Logistics Has been acquired by Bluestem Equity

November 2022

About United Vision Logistics

Headquartered in Lafayette, LA, United Vision Logistics ("UVL") is one of the largest land transportation carriers in the United States, with over 100 facilities across the US, a growing fleet of over 1,200 owner-operators, drivers, and equipment, and more than 30,000 partnered carriers. 
August 2022 Medistik a portfolio company of Tresalia Capital has been acquired by Traxion

August 2022

About Medistik

Medistik is a leading independent healthcare third-party logistics (3PL) provider in Mexico offering specialized, end-to-end warehousing and distribution solutions for high-value, high-margin healthcare products that have unique handling and temperature-controlled storage needs.
June 2022 Total Transportation Corp. acquired by First Student portfolio company of EQT

June 2022

About Total Transportation

Founded in 1979 and headquartered in Brooklyn, New York, Total Transportation Corp. (“TTC”) has a 40-year history of delivering safe, reliable, and efficient home-to-school transportation to more than 100,000 students in the New York metro area. 
May 2022 A subsidiary of Embraer has merge with Zanite Aquisition Corporation

May 2022

About Embraer

Eve is dedicated to accelerating the urban air mobility ("UAM") ecosystem. Benefitting from a startup mindset, backed by Embraer’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem.
March 2022 XPOLogistics International Division has been acquired by STG Logistics a portfolio company of Wind Point Partners Oaktree $710M

March 2022

About XPO Logistics

Headquartered in Greenwich, Connecticut, XPO Logistics, Inc. is a leading provider of freight transportation services, primarily truck brokerage and less-than-truckload capacity in North America.
December 2021 Select Express & Logistics a portfolio company of LVC has been acquired by AIT a portfolio company of The Jordan Company

December 2021

About Select Express & Logistics

Headquartered in New York, NY, Select Express & Logistics specializes in white glove delivery and assembly of heavy goods, leveraging a technology-enabled network of technicians to manage complex, in-home assembly requirements.
September 2021 Newark Facility Management has been acquired by Americolo

September 2021

About Newark Facility Management

Newark Facility Management consists of the operations and real assets of a 300,000+ square foot temperature-controlled facility located in Newark, NJ.
September 2021 Fortress Transportation and Infrastructure $306,000,000 follow-on offering co-manager

September 2021

About Fortress Transportation and Infrastructure

Fortress Transportation & Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally.
August 2021 Fortress Transportation and Infrastructure $425,000,000 multi-tranche municipal bond offering co-managing underwriter

August 2021

About Fortress Transportation and Infrastructure

Fortress Transportation & Infrastructure owns and acquires high quality infrastructure and related equipment for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong cash flows with potential for earnings growth and asset appreciation.
June 2021 XPO Logistics Inc $690,000,000 follow-on offering co-manager

June 2021

About XPO Logistics Inc.

XPO Logistics, Inc., headquartered in Greenwich, Connecticut, provides end-to-end supply chain solutions for companies and shippers worldwide.
June 2021 Atomic Transport has been recapitalized by Comvest Partners

June 2021

About Atomic Transport

Atomic Transport is a provider of outsourced long‐haul waste transport and transfer station management for the largest waste companies in the U.S.
April 2021 Stella Environmental Services a portfolio company of Hidden Harbor has been acquired by LGP

April 2021

About Stella Environmental Services

Stella, based in Houston, TX, plays a crucial role in the processing and safe disposal of municipal solid waste. The Company provides outsourced transfer station management services, including the loading and transportation of waste from in-town processing facilities to remote landfills, to integrated waste companies and municipalities.
February 2021 Forward Air Corporation has divested its pool distribution division to Ten Oaks

February 2021

About Forward Air Corporation

Since 1990, Forward Air has been a leading provider of ground transportation and related logistics services to the North American air freight and expedited LTL market, offering surface shipping on an accelerated “time-definite” basis and supplying customers with a cost-effective, reliable alternative to air transportation.
February 2021 Cargojet $350,156,000 common stock offering co-manager

February 2021

About Cargojet

Cargojet provides domestic and trans-border air cargo services in addition to aircraft handling and aircraft and airport equipment fueling services through its Fixed Base Operations business at the Hamilton Airport.
December 2020 SEKO Logistics a portfolio company of Greenbriar Equity Group LLC has been acquired by Ridgemont Equity Partners

December 2020

About SEKO Logistics

SEKO Logistics is a global non-asset based third-party logistics provider offering a complete set of technology-enabled supply chain logistics solutions, including freight forwarding, transportation management, contract logistics and warehousing services.
September 2020 Secur LPT a portfolio company of Caruth Capital has been acquired by NAC International

September 2020

About Secur LPT

SECUR LPT provides waste management solutions to Nuclear Energy providers and other complex waste generators in the U.S. via a comprehensive offering of logistics, packaging and technology-enabled services.
August 2020 Waste Partners Environmental portfolio company of Cotton Creek Capital acquired by Tejas Investment Partners

August 2020

About Waste Partners Environmental

WPE is the market leader in the state of Texas for highway and municipal toll-road sweeping and debris removal services. The business primarily performs its services via direct contracts with the Texas Department of Transportation and various municipal authorities, as well as a subcontractor.
June 2020 Cargojet C$100,000,000 public offering of hybrid debentures so-manager

June 2020

About Cargojet

Information coming soon
April 2020 Southwest Airlines $2,294,250,000 common stock offering $2,300,000,000 convertible senior notes co-manager

April 2020

About Southwest Airlines

Dallas-based Southwest Airlines Co. continues to differentiate itself from other air carriers with exemplary customer service delivered by more than 60,000 employees to a customer base topping 130 million passengers in 2019.
April 2020 Performance Team has been acquired by Maersk

April 2020

About Performance Team

Performance Team is a leading third-party logistics provider, offering a full suite of e-commerce, retail, wholesale, and omnichannel distribution and transportation services.
February 2020 TFI International $230,115,000 initial public offering bookrunning manager

February 2020

About TFI International

Information coming soon
January 2020 Fortress Transportation and Infrastructure project-specific bond offerings for multiple companies $264,000,000 co-manager

January 2020

About 2001_Fortress Transportation and Infrastructure

Fortress Transportation & Infrastructure owns and acquires high quality infrastructure and related equipment for the transportation of goods and people globally.
January 2020 _Air Transport Services Group Inc $500,000,000 senior noted bookrunning manager

January 2020

About Air Transport Services Group Inc.

January 2020 XtrAirways $124,000,000 private placement sole placement agent

January 2020

About XtrAirways

January 2020 Fortress Transportation and Infrastructure $264,000,000 municipal bond offering co-manager

January 2020

About Fortress Transportation and Infrastructure

Fortress Transportation & Infrastructure (“FTAI” or the “Company”) owns and acquires high quality infrastructure and related equipment for the transportation of goods and people globally.
December 2019 Delta has sold its ownership stake in GOOL

December 2019

About Delta

Information coming soon
December 2019 Olympus Partners has acquired Heniff Transportation Systems a portfolio company of Brown Brothers Harriman

December 2019

About Olympus Partners

Information coming soon
December 2019 WestJet has been acquired by Onex

December 2019

About WestJet

Information coming soon
October 2019 Capstone Logistics a portfolio company of The Jordan Company has acquired Priority Express a portfolio company of JZ Partners

October 2019

About Capstone Logistics

Information coming soon.
June 2019 Direct Shot Distributing a portfolio company of Harbert Management Corporation has been acquired by Legacy Supply Chain Services

June 2019

About Direct Shot Distributing

Direct Shot Distributing is a leading third-party logistics service provider offering omni-channel solutions to a diverse group of clients.
May 2019 Viva Air has received an equity investment from Cartesian Capital Group

May 2019

About Viva Air

Information coming soon.
May 2019 AMS FulFillment has been acquired by Fort Point Capital

May 2019

About AMS FulFillment

AMS provides a full suite of complex fulfillment and distribution services to consumer products companies focused on serving the B2B retail (brick-and-mortar), online retail, and direct-to-consumer channel
April 2019 Celadon has divested in multiple companies to Day Ross

April 2019

About Celadon

Celadon Group, Inc., through its subsidiaries, provides long haul, regional, local, dedicated, intermodal, temperature-protect, and expedited freight service across the United States, Canada, and Mexico.
March 2019 Xpedited Delivery and Logistics has been acquired by Need It Now a portfolio company of Palm Beach Capital

March 2019

About Xpedited Delivery and Logistics

Xpedited Delivery & Logistics is a leading non-asset-based provider of outsourced, same-day delivery services to the automotive aftermarket and original equipment manufacturer parts industries in the United States.
March 2019 Cargojet C$100,000,000 public offering of hybrid debentures co-manager

March 2019

About Cargojet

Information coming soon.
January 2019 Rectrix has been acquired by Ross Aviation

January 2019

About Rectrix

Information coming soon.
December 2018 Nolan Transport Group a portfolio company of Ridgemont Equity Partners has been acquired by Gryphon Investors

December 2018

About Nolan Transport Group

Founded in 2005, Nolan Transportation Group (“NTG”) is a market leader in truckload brokerage and third-party logistics services, dedicated to delivering the highest level of service in the transportation industry.
December 2018 Express Jet a subsidiary of Skywest Airlines has been acquired by United fairness opinion

December 2018

About Express Jet

ExpressJet has nearly 70 years of flying history and today is 3,000 aviation professionals dedicated to providing safe, reliable and caring service to our customers. ExpressJet operates as United Express.
October 2018 Yusen Logistics has divested its intermodal and freight brokerage group to Transplace a portfolio company of TPG

October 2018

About Yusen Logistics

Yusen Logistics’ Intermodal and Freight Brokerage Group is a leading intermodal marketing and non-asset based logistics provider that offers seamless door to door and ramp to ramp services.
September 2018 EZ Shipper Racks has been acquired by Geneva Glen Capital

September 2018

About EZ Shipper Racks

EZ Shipper Racks (“EZR”) is the leading provider of recoverable shipping racks to the nursery industry. The Company's pallet racks and recovery services allow nurseries to efficiently ship their products to retailers nationwide.
August 2018 Mesa Air Group Inc $132,000,000 Initial Public Offering Bookrunning Manager

August 2018

About Mesa Air Group Inc.

Mesa Airlines is a regional air carrier providing scheduled passenger service to 110 cities in 38 states, the District of Columbia, Canada, Mexico and the Bahamas.
July 2018 Landair has been acquired by CTG

July 2018

About Landair

Landair is a privately owned, asset-based transportation and logistics company staffed by experienced professionals who are driven by insight, moved by passion and guided by integrity.
June 2018 U.S. Xpress Enterprises Inc. #332,230,000 initial public offering bookrunning manager

June 2018

About U.S. Xpress Enterprises Inc.

Information coming soon.
May 2018 Integra Logistics Services has been acquired by ROAR Logistics

May 2018

About Integra Logistics Services

Integra Logistics Services is a leading intermodal marketing and non-asset based logistics company providing intermodal, truckload, less-than-truckload and other supply chain solutions.
May 2018 GTG Technology Group has been acquired by McLarty Capital Partners

May 2018

About GTG Technology Group

GTG Technology Group is a leading provider of software-as-a-service to the intermodal and freight management industries.
April 2018 United Airlines $138,000,000 purchase of Azul shares from HNA group

April 2018

About United Airlines

Information coming soon.
April 2018 C.H. Robinson $600,000,000 senior notes bookrunning manager

April 2018

About C.H. Robinson

Information coming soon.
March 2018 Freight Force Inc. a portfolio company of Canopy Capital| Plexus Capital has been acquired by STG a portfolio company of Wind Point Partners

March 2018

About Freight Force Inc.

Freight Force, Inc. operates a network of contracted carriers who provide cartage, truckload, and regional line haul services for freight forwarding and logistics industries in the United States.
December 2017 Keen Transport Inc. a portfolio company of Platinum Equity has been acquired by Wallenius Wilhelmsen Logistics

December 2017

About Keen Transport Inc.

Keen is a national leader in specialized heavy-haul logistics and transportation services for the construction, mining, and agriculture equipment markets in the United States and Canada.
September 2017 Fleetgistics a portfolio company of Harbour Group has been acquired by Undisclosed Buyer

September 2017

About Fleetgistics

Based in Orlando, FL, Fleetgistics provides time sensitive, same day delivery services to attractive end markets through its three operating divisions. Partsfleet provides dedicated route delivery to automotive aftermarket customers.
September 2017 Azul a portfolio company of multiple companies $362,300,000 follow-on offering bookrunning manager

September 2017

About Azul

Azul is a low cost carrier and is the largest airline in Brazil in terms of departures and cities served.
August 2017 Stella Environmental Services an affiliate of Action Resources has been acquired by Hidden Harbor Capital Partners

August 2017

About Stella Environmental Services

Stella Environmental Services provides facility management, hauling, and loading services to municipal solid waste and transportation customers across various states
August 2017 Roadrunner Transportation Systems has received an ABL facility from multiple companies $292,000,000

July 2017

About Roadrunner Transportation Systems

Roadrunner Transportation Systems, Inc. is a leading asset-light transportation and logistics service provider offering a full suite of solutions, including customized and expedited less-than-truckload, truckload and logistics, transportation management solutions, intermodal solutions, and air.
July 2017 XPO Logistics $665,500,000 follow-on offering co-manager

July 2017

About XPO Logistics

XPO Logistics, Inc. (NYSE: XPO) is a top ten global logistics provider of cutting-edge supply chain solutions to the most successful companies in the world.
July 2017 Flybondi $75,000,000 start up capital commitments

July 2017

About Flybondi

Founded in 2016, Flybondi.com is an Argentine company and the first low cost airline in the country.
May 2017 St. George Logistics a portfolio company of Wind Point Partners has acquired Extra Express

May 2017

About St. George Logistics

St. George Logistics offers a wide range of value-added logistics services including ocean and air CFS, contract warehousing, distribution, e-commerce fulfillment and transportation services.
May 2017 Roadrunner Transportation Systems Inc. has received a preferred stock investment from Elliott $540,500,000

May 2017

About Roadrunner Transportation Systems Inc.

Roadrunner Transportation Systems, Inc. is a leading asset-light transportation and logistics service provider offering a full suite of solutions, including customized and expedited less-than-truckload, truckload and logistics, transportation management solutions, intermodal solutions, and air.
April 2017 Schneider $549,993,000 initial public offering bookrunning manager

April 2017

About Schneider

Information coming soon.
April 2017 Azul a portfolio company of multiple companies $570,000,000 initial public offering bookrunning manager

April 2017

About Azul

Azul is a low cost carrier and is the largest airline in Brazil in terms of departures and cities served.

Transaction history may include transactions completed by a Raymond James banker while at a former firm.

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