Austin Ventures to acquire YRC Logistics
YRC Worldwide has entered into a definitive agreement to sell a portion of its YRC Logistics business to Austin Ventures for US$37 million. The logistics business will operate as a private company owned by Austin Ventures. The sale will form the basis for a new company specialising in international freight forwarding, customs brokerage, transportation management, truckload services, and dedicated warehouse and fulfilment services in North America, Latin America, Europe and Asia. YRC Worldwide will retain all of its China-based operations, and the strategic partnership with Austin Ventures gives customers of the new logistics company ongoing access to these capabilities. According to YRC Worldwide chairman, president & CEO Bill Zollars, the transaction enables the company to focus on its core transportation capabilities whilst continuing to offer full global logistics solutions for customers through a strong business relationship with the new company. "There will be no change in the way a customer’s business is handled, and they will benefit from advancements in the delivery of comprehensive supply chain solutions by both companies. In addition, the incremental liquidity from the transaction will support YRC Worldwide business growth," said Zollars. According to Austin Ventures, the existing YRC Logistics management team remains in place. The agreement between YRC Worldwide and Austin Ventures is for an acquisition price of US$37 million, and incremental value will be realised by both parties through a comprehensive commercial services agreement. The transition to new ownership is expected to be complete within the next 30 – 45 days. Quelle: eyefortransport |