Wintrust Bank congratulated MoLo Solutions on its sale to ArcBest, a national provider of supply chain logistics.
MoLo Solutions is a Chicago-based truckload broker founded in 2017. Since its founding, the company has grown its customer base and revenue, recently ranking first in the transportation and logistics industry on the 2021 Inc. 5000. MoLo’s revenue in 2020 equaled $274 million, an increase of more than 100% over the previous year, and expects revenue of approximately $600 million in 2021.
“Our team at Wintrust has provided the working capital financing to a number of companies in the third-party logistics space over the last decade. Even with that level of industry experience, MoLo has impressed us time and again with their ability to not only meet but exceed their growth targets,” John Marrinson, executive vice president of Wintrust Receivables Finance, said.
“I have no doubt that the transaction with ArcBest will give the team at MoLo additional resources and capabilities, which will allow them to continue to provide best-in-class service to both their shipper and carrier partners while they continue to grow at scale,” Jason LeuVoy, senior vice president of Wintrust Business Credit, said. “Our group here at Wintrust has been proud to partner with MoLo over the last four years, and we want to wish Andrew [Silver], Matt [Vogrich] and the rest of the MoLo team the best of luck as they embark on this new chapter of the business.”
“Wintrust has been a great banking partner for us since we founded the company,” Andrew Silver, CEO of MoLo, said. “Time and again, John and his team came through for us when we needed them. Having the support of a bank like Wintrust has been a key — and sometimes underappreciated aspect — of our growth over the last four years.”
“It was clear from our very first meeting that the Wintrust team has a deep understanding of the logistics and transportation industry,” Matt Vogrich, president and COO of MoLo, said. “The bank understood our vision of where we wanted to take the company and the level of support it would require from a banking partner to make our vison a reality. We are grateful for our partnership with Wintrust, as their support has allowed us to spend the last four years building a great organization with a vision to create the best experience in the industry for our employees, carriers and shipper partners.”
