Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, February 13, 2014

Oak Hill Capital taps JPMorgan for Jacobson sale -sources, (NYSE: JPM)

Private equity firm Oak Hill Capital Partners has hired JPMorgan Chase & Co to explore a sale of logistics provider Jacobson Companies Inc, hoping to fetch as much as $700 million, according to people familiar with the matter. An auction for Jacobson is expected to start in the next few weeks, the people said this week. The company has annual earnings before interest, tax, depreciation and amortization of around $75 million, they added.The sources asked not to be identified because the process is confidential. Oak Hill Capital failed to comment while Jacobson and JPMorgan representatives did not respond to requests for comment.Jacobson is the fourth largest provider of warehousing and third-party logistics services in the United States, according to its website. It has more than 32 million square feet of warehouse space and over 6,000 employees at 141 locations, and manages more than $650 million of freight, the website states.The Des Moines, Iowa-based company was started by Richard Jacobson in 1968 with the purchase of a 96,000-square-foot warehouse.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.89% or $0.51/share to $58.03. In the past year, the shares have traded as low as $46.05 and as high as $59.82. On average, 18253300 shares of JPM exchange hands on a given day and today's volume is recorded at 16605361.