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SOURCE United Road Services
Acquisition nearly doubles capacity, positions United Road as leading provider of finished vehicle transport and logistics in North America
ROMULUS, Mich., Dec. 13, 2013 /PRNewswire/ -- United Road Services ("United Road"), in partnership with its owner, Charlesbank Capital Partners and investors, today announced the acquisition of the Auto Transport Division of Waggoners Trucking. The acquisition will nearly double United Road's capacity to serve its more than 10,000 customers and makes the company the second-largest car-hauler in North America.
Headquartered in Romulus, Michigan, United Road is the most diversified provider of vehicle transport and logistics in the US. United Road serves a broad range of customers, including OEM suppliers, rental agencies, dealers, auctions, web-based logistics firms and individuals, among others. The newly expanded United Road will operate out of over 75 locations throughout the US and Canada and is projected to move more than 2.5 million new, used and specialty vehicles in 2014.
"Acquiring an organization of Waggoners' stature is both a privilege and a strategic game-changer for United Road," said Kathleen McCann, president of United Road. "Waggoners' reputation for customer service and the dedication of its employees mirror our own. We are so proud of the teamwork already evident as we focus on meeting our customers' sales and shipping targets."
"The companies' geographic territories are extremely complementary," explained McCann. "United Road will be much stronger in the southeast and south central US going forward. When integrated, we will also have a national network of nearly 20 company-owned maintenance facilities that will further support our goals of on-time vehicle delivery and driver safety. Importantly, United Road's patented and proprietary logistics platform will enhance the combined operation."
Waggoners, headquartered in Billings, MT, and Irving, TX, was founded in 1951 by Wayne Waggoner, who built the company with his son, David. The Auto Transport Division, established in 1987, focuses on the transportation of new cars. United Road's technology platform and national sales center will complement Waggoners new car customer base by filling empty backhaul miles with remarketed volumes.
United Road is a portfolio company of Charlesbank Capital Partners, LLC, based in Boston, MA, which acquired United Road in 2012. Financial details regarding the transaction were not disclosed.
"We have had an exciting first year with United Road in our portfolio and are thrilled to close on this compelling acquisition," said Jon Biotti, a Managing Director at Charlesbank. "We continue to be impressed by United Road's innovative and talented team and are confident that they will maximize the potential of this acquisition and make United Road an even more attractive investment for our limited partners."
"We are excited and grateful to be adding so many talented Waggoners car hauling professionals to the United Road family," said McCann. "This expansion will enhance our ability to support our customers' vehicle logistics needs, while creating significant opportunity for our people and investors. The alignment of our two businesses could not be better, and together, United Road will move closer to its aspirational goal as the employer and supplier of choice in the finished vehicle logistics industry."
ABOUT UNITED ROAD SERVICES, INC.
Founded in 1998, United Road Services, Inc. is the most diversified finished vehicle logistics company in North America. Each year, coast to coast and across borders, United Road manages the transportation of over 2.5 million vehicles. Headquartered in Romulus, Michigan, the company operates an integrated national network, has over 1,700 employees, and over 1,500 company-owned and dedicated independent vehicle carriers.
Customers include all major global vehicle manufacturers, remarketers, financial institutions, car auctions, car dealers, rental companies and on-line sales organizations. Its patented, industry-leading OVISS logistics system provides paperless processes, real-time order visibility for customers, and advanced load-building and routing capabilities for its operators. For more information, please visit www.unitedroad.com.
ABOUT CHARLESBANK CAPITAL PARTNERS, LLC
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. For more information, please visit www.charlesbank.com.
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