Universal Truckload Services, Inc. Completes Acquisition of Westport Axle
WARREN, Mich., Dec. 20, 2013
WARREN, Mich., Dec. 20, 2013 /PRNewswire/ --Universal Truckload Services,
Inc. (NASDAQ: UACL) today 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
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.
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.
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: David A. Crittenden, Chief Financial Officer, DCrittenden@goutsi.com,
Press spacebar to pause and continue. Press esc to stop.