Universal Logistics buys Fore Transportation
Based in the Chicagoland suburb of Harvey, Ill., 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. Universal expects the acquisition to be immediately accretive.
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. Mesirow Financial, Inc. served as exclusive financial advisor to Fore Transportation. ■