News

ATLANTA, Georgia – May 12, 2008 – VVS Capital LLC and Navigation Capital Partners, two Atlanta-based private equity firms, today announced the acquisition of James Brown Contracting, Inc. and its subsidiaries Brown Trucking Company and JBT Brokerage, Inc. (collectively, “Brown”). VVS and Navigation formed James Brown Holdings, LP as part of the transaction.

Founded in 1976 and based in Lithonia, Georgia, Brown is the premier dedicated freight carrier in the southeastern United States with 11 strategically placed terminals located in the Southeast and Mid-South. With 500 trucks and more than 3,000 trailers, Brown is the leading dedicated freight transportation provider to the paper and packaging industry. Brian Kinsey will become Brown’s chief executive officer and founder James W. Brown will continue in an executive role with the Company.

“Along with the industry-leading performance of our employees and drivers, the resources of VVS and Navigation will provide a key element of our plan to grow the company while preserving its successful structure,” said founder James W. Brown. “We’re excited to welcome Brian to this experienced management team and look forward to the continued growth and success of the Brown brand.”

Kinsey is a nationally recognized trucking executive with experience in several other leading companies including Landstar System, CarrierPoint, Bennett Motor Express, Dobbs Houses and North American Van Lines. Through his leadership of these organizations, Kinsey established himself as a leading expert on effective safety programs and owner operator trucking operations. He is a graduate of Georgia Tech and Harvard Business School.

“The capital and operating expertise provided by VVS and Navigation will elevate the excellent platform that Brown represents to a new level as it continues to provide premium service to its customers,” said Kinsey. “The firms recognize the incredible potential of Brown and the value created by its standing as the best trucking company in the Southeast. With access to VVS and Navigation’s resources and the support of our great employees, owner-operators and customers, we will continue to build and grow Brown into a world-class freight logistics provider.”

“The tradition and legacy of James Brown’s attention to service represents the business model that VVS admires. By combining Brown’s history of reliable service and attention to customers with the resources of VVS and Navigation, Brown can achieve solid growth for many years.” said Pete Vaky, Co- Founder and Managing Partner at VVS Capital. John Van Slooten, Co-founder and Managing Partner at VVS commented: “We anticipate working with the knowledgeable management team and Brian to help Brown grow to reach its full potential. This company is well positioned to continue to increase its leadership position in the transportation industry.”

Financing for this transaction was provided by Wells Fargo Bank, N.A. and John Hancock Life Insurance Company, its affiliates and affiliate-managed funds. VVS was represented by Stuart C. Johnson from Powell Goldstein LLP. Navigation was represented by Joseph B. Alexander, Jr., Daniel P. Rollman and Kevin Hull from Hunton & Williams LLP. Brown was represented by David A. Flanigan, Jr. and Timothy M. Silvis from Miller & Martin PLLC and advised by Miller Welborn of Transportation Capital Partners, LLC. John Hancock was represented by Nicole L. Rives and Megan Smiley of Sullivan & Worcester LLP. Wells was represented by Edgar C. Snow, Jr. and Lindsey R. Arnold from Burr & Forman LLP.


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