Universal Truckload Services Completes Acquisition of Westport Axle Corporation
Universal Truckload Services has announced that it has completed the previously-announced acquisition of Westport Axle Corporation (“Westport”) for a cash purchase price of $123.0 million, subject to a post-closing adjustment.
Based in Louisville, Kentucky, Westport is a provider of value-added warehousing and component distribution services to U.S. manufacturers of Class 4-8 trucks, RVs and super-duty trucks. Westport also machines and distributes steering knuckles and axle components for the automotive industry. For the year-ended December 31, 2012, Westport had operating revenues of $58.4 million, and $66.0 million for the nine months ended September 30, 2013.
“Westport is a great addition to Universal, and we welcome a talented group of people to our company,” stated Universal’s Chief Executive Officer, Scott Wolfe. “The integration of Westport’s value-added logistics capabilities and relationships with heavy truck manufacturers gives us many new business growth opportunities.”
In connection with the acquisition, Universal expanded its senior credit facility to provide for aggregate borrowing up to $300 million. As of closing, $237.5 million is borrowed under the facility, including funds required to conclude the acquisition.
About Universal:
Universal Truckload Services, Inc. is a leading asset-light provider of customized transportation and logistics solutions throughout the United States, Mexico and Canada. We provide our customers with supply chain solutions that can be scaled to meet their changing demands and volumes. We offer our customers a broad array of services across their entire supply chain, including transportation, value-added, and intermodal services.
Category: Accessories, General Update, Management
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
