Angeles Equity Partners acquires majority stake in Freymiller

Angeles Equity Partners, LLC (“Angeles”), in partnership with KJM Capital, LLC (“KJM"), has invested in OBS Holdings, LLC (d/b/a “Freymiller”) a provider of refrigerated transport and freight brokerage solutions to support cold chain management. Angeles and KJM will partner with Freymiller President and CEO David Freymiller to drive the next stage of the company’s growth.

Headquartered in Oklahoma City, Okla., Freymiller provides refrigerated load, dedicated refrigerated trucking, logistics brokerage, and intermodal transportation services over a national network of freight lanes. Supported by its efficient fleet of more than 600 tractors, in-house maintenance, and fleet dealership capabilities, Freymiller provides highly reliable, late-model equipment to support the time-sensitive needs of leading food and other cold chain distribution partners nationwide.

“Angeles is excited to be investing in the freight logistics sector alongside industry veterans with a long history of building and leading trucking and logistics businesses,” said Sam Heischuber, Principal at Angeles. “The transportation and logistics market has seen significant disruption from the COVID pandemic. We believe that specialty providers with scale, like Freymiller, stand to benefit from the current macroeconomic environment, as demand for refrigerated logistics continues to grow in a market with tight capacity.”

Angeles’ investment in Freymiller originated from a targeted sector focus on differentiated transportation and logistics (“T&L”) providers. The Angeles and KJM teams’ experience partnering with T&L companies to drive growth led them to specifically target refrigerated transport providers with scale and tenured management teams that could aggressively pursue organic growth and strategic mergers and acquisitions.

“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 staying true to our values of safety, professionalism, integrity, and excellence,” said David Freymiller, CEO of Freymiller. “I am looking forward to the next chapter in our company’s story in partnership with Angeles, as we provide more opportunities for our team members and expand partnerships with our customers.”

Simpson Thacher & Bartlett LLP provided legal counsel to Angeles Equity Partners and KJM Capital. KPMG LLP provided transaction advisory services to Angeles Equity Partners and KJM Capital. Houlihan Lokey, Inc. was the exclusive financial advisor to Freymiller in the transaction, and McAfee & Taft was its legal advisor.