Wintrust Receivables Finance partnered with Pittsburgh-based 3PL company Elite Transit Solutions to provide financing to support the company’s transformation from a regional transportation logistics company to a national brand fueled by its proprietary Chameleon TMS software.
Technology innovations are enabling Elite to expand by launching its first additional locations in Chicago and Charlotte, NC, with plans to open more offices around the U.S. next year. Elite expects to hire more than 200 new employees nationally by 2022 and potentially hundreds more in the coming years.
“With Chameleon, we have the leadership team, support and infrastructure to fuel dramatic growth, and our relationship with Wintrust now positions us financially. Growing our national presence will allow us to diversify our employee base, carrier partner base and, ultimately, our shipper/client relationships,” Michael Johnson, CEO of Elite Transit Solutions, said.
“Through our years of experience, our team has developed a reputation for identifying and assisting high-growth transportation and logistics companies that demonstrate tremendous potential. We believe Elite’s management team and its unique product differentiation will quickly take this company to the next level. We are excited about supporting Elite and providing the working capital they need to execute their aggressive growth plans,” Jason LeuVoy, senior vice president of Wintrust Receivables Finance, said.
Elite is on pace to move more than 85,000 truckloads for its customers in 2021, up from more than 50,000 truckloads in 2020. Launched in 2013, Elite ranked No. 997 on the Inc. 5000 Fastest Growing Companies list last year, producing a three-year revenue growth of 463%. Elite has made the list for the last four years.
