(Bloomberg) — Omers Private Equity is exploring an initial public offering of Kenan Advantage Group, one of North America’s biggest tank truck transporter and logistics providers, according to people with knowledge of the matter.
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Omers is discussing a US listing in which the North Canton, Ohio-based company may raise about $400 million, said the people, who asked not to be identified discussing confidential information. Kenan could be valued at about $3.5 billion in an IPO, one of the people said.
Decisions, including terms, haven’t been finalized, and Omers could opt to keep Kenan private or pursue other options, the people said.
A representative for Kenan didn’t immediately respond to a request for comment. A spokesperson for Omers declined to comment.
Kenan, led by Chief Executive Officer Charlie DeLacey, has roughly $1.5 billion in outstanding debt, according to data compiled by Bloomberg News. The company delivers energy commodities, food, merchant gases and specialty products across the US, Canada and Mexico.
Omers acquired Kenan in 2015 from Goldman Sachs Capital Partners and Centerbridge Partners.
If Kenan takes further steps to go public, it could join the likes of Lineage Logistics, which is weighing an IPO as soon as the second quarter, Bloomberg News has reported. On Thursday, Proficient Auto Logistics Inc. filed in the US for an IPO.
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