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Mike Welch Back on TopJanuary 13
Stevensville's Mike Welch is back at the helm of a firm engaged in the transportation and logistics business he knows so well. He has assumed the presidency of Magnate Worldwide based in Oakbrook, Illinois. His expertise in the world of logistics will undoubtedly pay substantial dividends going forward.
Welch was the President & Founder of Express-1 of Niles and St. Joseph, a logistics team that started in 1989 with two trucks and the determination to become the best freight expediter in the nation. His leadership at the helm of the North American start-up ground expediter led to unparalleled 15-to-20-percent growth year over year as he grew the business into a $25-million powerhouse in the industry.
In 2004 Welch successfully orchestrated the sale of the company to Segmentz and stayed on as company President for another year before changing the name to Express-1 Expedited Solutions or simply XPO. Between 2005 and 2011 as CEO at XPO, Mike led the firm to multiple key acquisitions of a number of smaller logistics firms, and started a new one called Bounce Logistics. During that span the company grew from $40-million in revenues to in excess of $177-million, greatly enhancing the shareholder value of the publicly owned company. In 2011 he successfully negotiated the sale of XPO to a private equity firm, Jacobs Private Equity.
Mike later became a partner in the Chicago-based investment firm of Magnate Capital Partners.
This week, Magnate Capital joined CIVC Partners, a Chicago-based private equity firm, in formation of Magnate Worldwide. Welch has been tabbed as President of Magnate Worldwide, which has been established as a holding company to pursue acquisitions in the transportation and logistics industry. Each of the partners will contribute the capital necessary to build a premier, asset-light, transportation and logistics company focused on the international freight forwarding and North American expedited transportation markets.
In addition to providing the capital support, Welch and two other Magnate Capital Partners teammates will hold senior management positions. Dan Para, who has also successfully built logistics and transportation companies will be the CEO, while Frank Shinnick of Magnate Capital becomes the Chief Financial Officer at Magnate Worldwide.
Mike joined Dan Para in issuing a statement regarding their new roles, saying, "As we enter the next phase of our careers, we knew that forming an allegiance with the right financial partner would be crucial to our continued success. We believe that CIVC's investment experience and cultural compatibility made them the ideal financial partner for us." CIVC has been targeting the transportation and logistics sector for investment for several years, and spent a considerable amount of time studying the industry to develop a deep network of industry contacts.
John Compall is a partner at CIVC. He says, "We feel that the opportunity to partner with the senior management team of Magnate provides a rare and exciting opportunity to build a leading platform in the sector."
Welch and the crew at Magnate Worldwide will actively reach out to business owners in the freight forwarding and North American expedited transportation markets to become part of the platform. They are excited to create a market-leading company that will provide clients with a comprehensive suite of solutions and unmatched customer service. More information can be found in the link to the new company below.
Welch has a strong record of community service in the neighborhood as well, having served as President of the Lake Michigan College Foundation, Board President of the Niles-Buchanan YMCA, Board President of the Southwest Michigan Economic Growth Alliance, Chair of the Campaign for the United Way of Southwest Michigan, Vice-President of the Lakeshore Public Schools Board of Education, President of the Chemical Bank-SW Michigan Board of Directors, and a marketing instructor at Southwestern Michigan College. He was also named the South Bend Transportation Club Person of the Year.
Mike and his wife Lisa and their children live in Stevensville.
Here's the link to the new corporation: http://www.magnateworldwide.com