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YRC sells most of logistics unit to private equity firm

Move will allow troubled carrier to focus on core trucking business.

Mark Solomon
By Mark SolomonJun 25, 2010
Mark Solomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.
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YRC Worldwide Inc. said today it had agreed to sell most of its logistics unit, YRC Logistics, to Austin Ventures, a Texas-based private equity firm, for $37 million.

Under the agreement, YRC will keep the logistics unit's Chinese and U.S. freight forwarding operations. The operations to be sold will form the basis of a private company owned by Austin Ventures, YRC said. The new company will handle international forwarding, customs brokerage, transportation management, truckload services, and warehouse and fulfillment operations in North America, Latin America, Europe, and Asia.

All of YRC Logistics' management will remain in place, and the unit's customers should see no change in the way business is conducted, YRC said.

The sale allows YRC "to focus on our core transportation capabilities while continuing to offer full global logistics solutions for our customers through a strong business relationship with the new company," said William D. Zollars, YRC Worldwide's chairman, president, and CEO.

"The substantial equity infusion from Austin Ventures positions us to pursue new business development as well as growth through acquisition," said John Carr, president of YRC Logistics.

The transition to new ownership is expected to be complete within the next 30 to 45 days, YRC said.

ArticleTransportationTruckingSC Services
yrc worldwide
ArticleTransportationTruckingSC Services
yrc worldwide

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