Universal Logistics Holdings (ULH -2.1%) acquired Fore Transportation for cash purchase price of $34.9M.
The company expects the acquisition to be immediately accretive.
The acquisition was funded by available cash and borrowed approximately $31.3M 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."