Wintrust Receivables Finance Partners with Elite Transit Solutions in Support of the 3PL's National Expansion and Explosive Growth

June 22, 2021

Source: Wintrust Receivables Finance

Wintrust Receivables Finance announces its partnership with Pittsburgh-based, leading 3PL company Elite Transit Solutions (ELITE). The financing will support ELITE's rapid transformation from a regional transportation logistics company to a national brand fueled by its proprietary Chameleon TMS software.

ELITE's breakthrough, user-friendly software employs predictive analytics to automate up to 80% of logistics tasks, which takes the burden off shippers and helps the company maintain its industry-leading 98% on-time delivery rate. Of the roughly 16,000+ brokers in the industry, less than a dozen companies own and develop their own software.

Technology innovations are enabling ELITE to expand aggressively by launching its first additional locations in Chicago and Charlotte with plans to open more offices around the country next year.  ELITE expects to hire more than 200 new employees nationally by 2022 and potentially hundreds more in the coming years. Interested candidates should visit https://elitetransit.com/careers/ to access job postings, which continue to be updated.

"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," explained Michael Johnson, CEO, Elite Transit Solutions.

"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," said Jason LeuVoy, Senior Vice President, Wintrust Receivables Finance.

ELITE is on pace to move more than 85,000 truckloads for its customers in 2021, up from over 50,000 truckloads in 2020. Launched in 2013, ELITE ranked 997 on the Inc. 5000 Fastest Growing Companies list last year, showing a three-year revenue growth of 463 percent. ELITE has made the list for the past four consecutive years.

About Elite Transit Solutions (ELITE)

Founded in Pittsburgh, PA, in 2013, Elite Transit Solutions (ELITE) is a recognized third-party logistics (3PL) leader in revolutionizing the freight management logistics industry. ELITE delivers innovative technology solutions that minimize waste while elevating service and value for customers in food and beverage, OEM, industrial, and chemical companies. The company has been honored on the Inc. 5000 list for three consecutive years as one of America's fastest-growing companies and has received numerous additional industry awards such as Food Logistics' Rock Stars and Top Green Providers, Best In Biz, and the Pittsburgh Business Times' Fastest Growing Companies. Visit elitetransit.com, e-mail info@elitetransit.com, or call (878) 999-2880.

About Wintrust Receivables Finance

Wintrust Receivables Finance provides aggressively structured working capital lines of credit from $1 million to $50 million for middle-market companies around the country that are unable to obtain the level of financing they need through a more traditional commercial bank underwriting.

About Wintrust

Wintrust is a financial holding company with assets of over $45 billion whose common stock is traded on the NASDAQ Global Select Market under the symbol WTFC. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while providing service-based community banking to every customer. Wintrust operates fifteen community bank subsidiaries, with over 180 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units.