Greatwide Logistics Services, a national provider of non-asset-based transportation and third-party logistics services, has obtained Court approval for an investor group to acquire the company. The investor group includes affiliates of Centerbridge Partners and The D. E. Shaw Group.
The company expects to close the transaction within 30 days. Current debt will be reduced by $478 Million, or 77%, according to Greatwide.
Greatwide Logistics Services, a national provider of non-asset-based transportation and third-party logistics services, has obtained Court approval for an investor group to acquire the company. The investor group includes affiliates of Centerbridge Partners and The D. E. Shaw Group.
The company expects to close the transaction within 30 days. Current debt will be reduced by $478 Million, or 77%, according to Greatwide.
As previously announced, the transaction will significantly reduce Greatwide’s debt burden, enhance its competitiveness and financial strength, and position the company for continued growth and profitability, said the company.
Raymond B. Greer, President and CEO of Greatwide, said, “We are pleased to receive approval of this transaction, which will strengthen Greatwide’s capital structure and enhance our flexibility to continue to invest and grow. We are also pleased to have received this vote of confidence from our purchasers, who are familiar with the company and our prospects for the future. Our ability to restructure the company’s finances and to gain approval for this transaction in fewer than 100 days is a testament to the hard work and dedication of the men and women of Greatwide as well as our purchasers. I appreciate the commitment to the company by our teams throughout this process.”
Greer added, “Many transport companies are struggling in today’s historic economic downturn and must adjust to the new realities of today’s market. At Greatwide, we have taken very decisive action and expect to emerge from this process as one of the healthier companies in the industry. Greatwide’s enhanced strength and flexibility positions us to continue investing for the future while delivering outstanding service for our customers. We look forward to capitalizing on the competitive advantage afforded by our success in this process.”
