Universal Acquires Intermodal Drayage Services Provider Michael's Cartage.
23 April 2019 - Michigan, US-based transportation company Universal Logistics Holdings, Inc. (NASDAQ: ULH), an asset-light provider of customised transportation and logistics solutions, has acquired Illinois, US-based intermodal drayage services provider Michael's Cartage, Inc., the company said.
Terms of the transaction were not disclosed. Universal said it expects Michael's to operate as a subsidiary of Universal Intermodal, Inc., and the transaction should be immediately accretive.
This represents Universal's fifth acquisition since February 2018.
Universal Logistics Holdings, Inc. provides customised transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia.
The company provides customers with supply chain solutions that can be scaled to meet their changing demands and volumes. The company offers customers a range of services across the supply chain, including truckload, brokerage, dedicated, intermodal, and value-added services.
Michael's Carthage optimises its fleet of over 130 tractors to provide intermodal drayage services primarily within a 300-mile radius of the Chicagoland area. For the year-ended December 31, 2018, Michael's reported total operating revenues of USD31.1 m.
Dykema served as Universal's legal advisors on the transaction. Republic Partners served as exclusive financial advisor to Michael's Cartage.
Sector: Road Transport/Freight Transport
Target: Michael's Cartage, Inc
Buyer: Universal Logistics Holdings
Deal size in USD:
Type: Corporate Acquisition
Buyer advisor: Dykema , ,
Comment: Terms of the deal were not disclosed
|Printer friendly Cite/link Email Feedback|
|Publication:||M & A Navigator|
|Date:||Apr 23, 2019|
|Previous Article:||VStar Industries to Acquire Chinese Vanadium Mining License.|
|Next Article:||Tekni-Plex to Acquire 3 Amcor Manufacturing Facilities.|