http://www.ltlboards.com/truckingboards en Wed, 08 Sep 2010 01:00:50 GMT vBulletin 60 http://www.ltlboards.com/truckingboards/images/oceanzero/misc/rss.jpg http://www.ltlboards.com/truckingboards http://www.ltlboards.com/truckingboards/yellow-roadway/52833-austin-ventures-acquires-yrc-logistics-yrc-worldwide.html Sun, 22 Aug 2010 02:50:07 GMT Aug 19, 2010 (Datamonitor Financial Deals Tracker via COMTEX) -- Austin Ventures, a private equity and venture capital firm, has acquired YRC... Aug 19, 2010 (Datamonitor Financial Deals Tracker via COMTEX) --
Austin Ventures, a private equity and venture capital firm, has acquired YRC Logistics, a wholly-owned subsidiary of YRC Worldwide, Inc. (formerly known as Yellow Roadway Corporation). All the entities are based in the US.

YRC Worldwide is a provider of a range of asset and non-asset-based transportation services.

The gross proceeds for the transaction were approximately $38.7 million of which YRC Worldwide received $33.6 million at the initial closing with an additional $2.3 million placed in escrow for further closings of foreign entities over the coming months, and $2.8 million was placed in escrow for indemnification purposes.

Announcement (June 25, 2010):

Austin Ventures has entered into a definitive agreement to acquire YRC Logistics from YRC Worldwide for $37 million.

Following the acquisition, YRC Logistics will operate as a private company owned by Austin Ventures. YRC Worldwide will retain all of its China-based operations and the strategic partnership with Austin Ventures.

The transaction is expected to close by July 2010.

Deal Value (US$ Million) 38.7

Deal Type Private Equity

Sub-Category Institutional Buy-out (IBO)

Deal Status Completed: 2010-08-16

Deal Participants

Target (Company) YRC Logistics

Vendor (Company) YRC Worldwide, Inc. (formerly Yellow Roadway Corporation)

Deal Rationale

The transaction enables YRC Worldwide to focus on its core transportation capabilities, while continuing to offer global logistics solutions, and benefit from liquidity.

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