UTi Worldwide acquires Market Industries for $197m
UTi Worldwide acquires Market Industries for $197m |
Market Industries provides 3PL services and multi-modal transportation capacity solutions specialising in truck brokerage. Its domestic freight management services are branded under the trade name Market Transport Services.
For its fiscal year ended December 31, 2005, Market Industries generated unaudited pro forma gross revenues of approximately $358.9 million, which include the pro forma full-year impact of two acquisitions made during 2005.
Over a 36-year history, Market Industries has built a broad portfolio of transportation services, including truckload brokerage, dedicated transportation, intermodal services and other supply chain management functions. It is one of the largest independent, asset-light transportation companies in the US, with a network of agents, broker affiliates, owner-operators, select company-owned assets and technology and information systems to design and deliver transportation services and capacity solutions.
Market Industries facilitates the movement of more than 300,000 truckloads each year, and provides services to over 5,000 customers across various vertical markets. The company also contracts with more than 35,000 motor carriers and has access through common carrier agreements to more than one million power units.
According to UTi Worldwide CEO Roger MacFarlane, Market Industries has an impressive track record of organic growth and a history of successfully integrating strategic acquisitions.
MacFarlane, along with Market Industries president Charles Hornecker, chairman & CEO P. Brian Fitzgerald, division presidents Gary Wilson and Donald Farthing, and CFO Matthew Tachouet, will continue in their current roles with the company.