Universal Logistics Holdings Acquires Fore Transportation
Universal Logistics Holdings, Inc., a leading asset-light provider of customized transportation and logistics solutions, announced its acquisition of Fore Transportation, Inc. Based in the Chicagoland suburb of Harvey, Illinois, Fore Transportation offers a full suite of intermodal logistics solutions, including local and regional drayage services, yard services, chassis rental, and repair and maintenance. Fore Transportation operates over 150 trucks and reported total operating revenues of approximately $32.3 million for the year-ended December 31, 2017.
The Chicago-area operations of Fore Transportation include a 28-acre terminal strategically located just north of interstate I-80, and adjacent to the Canadian National Railroad. In addition to serving as the company’s corporate headquarters, the facility provides 24/7 secured trailer and container storage for 1,100 units, cross-docking capabilities, maintenance and repair, and refrigerated-unit fueling services.
The cash purchase price was $34.9 million, subject to customary post-closing adjustments. To fund the acquisition, Universal used available cash and borrowed approximately $31.3 million using its margin credit facility, revolving credit facility and secured real estate financing.
“We are extremely excited to welcome Fore Transportation to the Universal family,” stated Jeff Rogers, Universal’s Chief Executive Officer. “Fore is a strategic acquisition of a well-established brand in the Chicagoland intermodal trucking market. We see a great deal of opportunities to gain market share in this region, as well as offer expanded services to Fore’s already existing blue-chip customer base. We’re off to a great start in 2018, and closing this deal represents a first step in our renewed ambitions to acquire and integrate best-in-class companies.”