Press release
Universal Acquires Michael's Cartage, Its Fifth Acquisition since February 1, 2018
WARREN, Mich., April 22, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"WARREN, Mich., April 22, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation and logistics solutions, announced today its acquisition of Chicagoland-based Michael's Cartage, Inc. (\"Michael's\"). Headquartered in Bridgeview, Illinois, Michael's has been providing full-service intermodal drayage services to customers in the Midwest for over 20 years. Offering a unique blend of company-owned and owner-operator provided capacity, Michael's optimizes its fleet of over 130 tractors to provide intermodal drayage services primarily within a 300-mile radius of the Chicagoland area. For the year-ended December 31, 2018, Michael's reported total operating revenues of $31.1 million. Universal expects Michael's to operate as a subsidiary of Universal Intermodal, Inc., and the transaction should be immediately accretive. \n\n \n\"As we continue to execute our M&A strategy in 2019, I am excited to announce Michael's Cartage as the newest addition to the Universal family,\" stated Jeff Rogers, Universal's Chief Executive Officer. \"Michael's brings with it a very strong management team, and the acquisition solidly positions Universal as a leading intermodal drayage provider to the Chicagoland market. As Universal's looks to continue the execution of its M&A strategy, we remain focused on finding premier service providers like Michael's, and we are actively seeking opportunities in other key transportation markets including Dallas, Texas; Atlanta, Georgia; and Kearny, New Jersey. I'm excited to welcome aboard the Michael's team, and look forward to our continued success in 2019 and beyond.\"\nDykema served as Universal's legal advisors on the transaction. Republic Partners served as exclusive financial advisor to Michael's Cartage. \nAbout Universal\nUniversal Logistics Holdings, Inc. is a leading asset-light provider of customized transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia. We provide our customers with supply chain solutions that can be scaled to meet their changing demands and volumes. We offer our customers a broad array of services across their entire supply chain, including truckload, brokerage, dedicated, intermodal, and value-added services. \nForward Looking Statements\nSome of the statemen...