Austin Ventures to acquire YRC Logistics

Acquisition price of US$37.0 million leaves YRC Worldwide to focus on core transportation capabilities

YRC Worldwide Inc. has entered into a definitive agreement to sell a portion of its YRC Logistics business to Austin Ventures, a strategic private equity investor. This 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 fulfillment services in North America, Latin America, Europe and Asia.

This transaction enables YRC Worldwide to focus on its core transportation capabilities while continuing to offer full global logistics solutions for customers through a strong business relationship with the new company.

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.

Austin Ventures see opportunities to invest in the company and position it for growth through expanded offerings and the continued expansion of its global network. The current YRC Logistics management team remains in place.

The agreement between YRC Worldwide and Austin Ventures is for an acquisition price of US$37.0 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.

Source: http://www.loglink.ru/