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(RTTNews) - Arkansas Best Corp. (ABFS: News ) has reached a definitive agreement to acquire Panther Expedited Services Inc. from Fenway Partners LLC, a middle market private equity firm, for around $180 million, subject to post-closing adjustments, with all of Panther's outstanding debt being repaid as part of the transaction. The company plans to fund the $180 million acquisition price with $80 million cash and a five-year $100 million senior secured term loan, which can be increased to $175 million through an accordion feature.
Arkansas Best expects the acquisition to enhance end-to-end logistics solutions and expertise including time-sensitive, high-value freight services; and to deliver a platform for growth in the broader $700 billion transportation and logistics market.
Following the transaction closure, Panther would operate as a wholly owned unit of Arkansas Best and a sister company to ABF. Andrew Clarke would remain with Panther as President and Chief Executive, reporting directly to McReynolds. The present Panther management team is expected to remain in place to manage and grow the business.....................
Arkansas Best To Buy Panther Expedited Services For About $180 Mln - Quick Facts
I really and I mean really hope the upper management of ABF do NOT follow in the footsteps of YRCW upper management and start a buying spree and go in debt !!
Arkansas Best expects the acquisition to enhance end-to-end logistics solutions and expertise including time-sensitive, high-value freight services; and to deliver a platform for growth in the broader $700 billion transportation and logistics market.
Following the transaction closure, Panther would operate as a wholly owned unit of Arkansas Best and a sister company to ABF. Andrew Clarke would remain with Panther as President and Chief Executive, reporting directly to McReynolds. The present Panther management team is expected to remain in place to manage and grow the business.....................
Arkansas Best To Buy Panther Expedited Services For About $180 Mln - Quick Facts
I really and I mean really hope the upper management of ABF do NOT follow in the footsteps of YRCW upper management and start a buying spree and go in debt !!