Universal Logistics Acquires Southern Counties Express
Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation and logistics solutions, announced its acquisition of Southern Counties Express.
Servicing the Ports of Los Angeles and Long Beach for more than 25 years, Southern Counties offers full-service harbor drayage, transloading, warehousing, and project cargo services to a portfolio of Fortune 500 companies across a number of industries, including Retail, Electronics and Health & Fitness Equipment.
According to the Port of Los Angeles, Southern Counties was a top-ranked carrier in terms of the total number of moves in 2017. Partnering with over 250 independent contractors, Southern Counties reported total operating revenues of $54.4 million for the year-ended December 31, 2017. Pursuant to the acquisition, Southern Counties will operate as part of Universal Intermodal, Inc. and is expected to be immediately accretive.
The cash purchase price was $65 million, subject to customary post-closing adjustments. Plethora Businesses served as exclusive financial advisor to Southern Counties.
Category: General Update, News
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