Universal Truckload Services, Inc. Acquires Truckload Operations of Pacer
WARREN, Mich., July 27
WARREN, Mich., July 27 /PRNewswire-FirstCall/ -- Universal Truckload Services,
Inc. (Nasdaq: UACL) announced today that it has entered into a Limited Asset
Purchase Agreement to acquire certain assets utilized in the operations of
Pacer Transport, Inc., or Pacer Transport, and two of its subsidiaries, S&H
Transport, Inc. and S&H Leasing, Inc., based in Desoto, Texas. Pacer Transport
is a wholly-owned subsidiary of Pacer International, Inc. The assets purchased
include customer, owner-operator, and agent lists and files, as well as owned
trailers, used in operations consisting primarily of flatbed, van, and
specialized heavy-haul equipment services throughout the United States. The
purchased assets will be integrated into the operations of Universal Am-Can,
Ltd., a wholly-owned subsidiary of Universal Truckload Services, Inc.
The closing, which is subject to customary closing conditions, is expected to
occur in August 2009.
The Pacer Transport network consists of approximately 130 agents, 480
owner-operators, and 99 company trucks. Universal expects that the acquisition
will contribute approximately $30 million to $40 million of additional
revenues, and that it will not have a material effect on net income for the
third and fourth quarters of 2009. Terms of the acquisition were not
"We are very excited about the opportunity to continue to provide best in
class service to all of Pacer Transport's customers," stated Universal's
President and CEO, Don Cochran, "and we believe this acquisition will
complement our truckload operations. We expect the asset-light business model
to integrate nicely with our current operations and that we will be able to
achieve efficiencies through this acquisition. We appreciate all the efforts
of our acquisition team and look forward to the strengths and opportunities
that the group of Pacer Transport's agents and owner operators will add to our
Universal Truckload Services, Inc. is primarily an asset-light provider of
transportation services to shippers throughout the United States and in the
Canadian provinces of Ontario and Quebec. The Company's trucking services
include both flatbed and dry van operations and the Company provides
rail-truck and steamship-truck intermodal support services. The Company also
offers truck brokerage services.
Some of the statements contained in this press release might be considered
forward-looking statements. These statements identify prospective information.
Forward-looking statements are based on information available at the time
and/or management's good faith belief with respect to future events, and are
subject to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the statements. These
forward-looking statements are subject to a number of factors that may cause
actual results to differ materially from the expectations described.
Additional information about the factors that may adversely affect these
forward-looking statements is contained in the Company's reports and filings
with the Securities and Exchange Commission. The Company assumes no obligation
to update forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws.
SOURCE Universal Truckload Services, Inc.
Contact: Robert Sigler, Vice President and Chief Financial Officer,
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