Worldwide Express unveils sale to management, investors.
6 August 2013 a[euro]" US logistics firm Worldwide Express Operations LLC said it had been sold to an investor group, including its management team.
Financial details on the transaction were not provided.
The company said the deal included a substantial investment by its management.
A management-led group backed by investment firms Fidus Investment Corporation (NASDAQ:FDUS) and Rotunda Capital Partners LLC had owned the target since 2009. Under that ownership, Worldwide Express managed to boost revenues from USD192m (EUR144.9m) to over USD550m last year, it says.
Dallas, Texas-based, Worldwide Express specialises in package and freight shipping. The company has over 150 franchises in the US and has handled shipments for more than 30,000 small to mid-sized enterprises, it says.Country: USASector: Road Transport/Freight TransportTarget: Worldwide Express Operations LLC Buyer: Management, Unnamed investorsVendor: Rotunda Capital Partners LLC, Fidus Investment Corporation , ManagementType: LBO, MBOStatus: Closed
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