(Bloomberg) -- Savage Cos., a closely held provider of transportation, logistics and other industrial services, is exploring options including the sale of a minority stake, according to people with knowledge of the matter.

The company, founded in 1946 as CA Savage & Son and operating a single truck in Utah, is working with a financial adviser to solicit interest from buyers in a stake that may value the business at more than $5 billion, including debt, said the people, who asked not to be identified discussing confidential information. Potential investors include private equity funds that have long-dated investment horizons as well as sovereign wealth funds, the people said.

Discussions regarding a potential transaction are early and Savage’s plans could change, they added.

Jeff Hymas, a spokesman for Savage, said the company is “always open to explore business opportunities and partnerships that could benefit our customers and team members.” He added Savage maintains “ongoing relationships with financial entities as we work to give ourselves optionality when it comes to capital to fuel our growth.” 

The Midvale, Utah-based company is led by Chief Executive Officer Kirk Aubry.

The company had at least $1 billion in outstanding debt as of September 2021, according to PitchBook data. It operates in the US, Canada, Mexico and Saudi Arabia, its website shows. 

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