Charlesbank Capital Partners today announced the purchase of the Auto Transport Division of Waggoners Trucking, in partnership with portfolio company United Road Services and its coinvestors, which include Transportation Resource Partners and members of the management team. Waggoners was the fourth-largest provider of vehicle transport and logistics services in North America, behind United Road, which will now hold the number two position. The transaction was funded with support from United Road’s existing lenders and by a new investment from Charlesbank, Transportation Resource Partners and management coinvestors.
Waggoners, headquartered in Billings, MT, and Irving, TX, was founded in 1951 by Wayne Waggoner, who built the company with his son, David. The Auto Transport Division, established in 1987, focuses on the transportation of new cars, and its customers include most major global auto manufacturers. Waggoners offers United Road a complementary customer base and the opportunity for significant operating synergies, including leveraging United Road’s technology platform and call center to help fill empty backhaul miles with remarketed volumes.
The combination will nearly double United Road’s business and significantly improve the density of its nationally integrated network, increasing its capacity to serve the growing demands of new and existing customers.
“We have had an exciting first year with United Road in our portfolio and are thrilled to close on this compelling acquisition,” said Jon Biotti, a Managing Director at Charlesbank. “We continue to be impressed by CEO Kathleen McCann’s innovative and talented team and are confident that they will maximize the potential of this platform and make United Road an even more attractive investment for our limited partners.”
“We are excited and grateful to be adding so many talented Waggoners car hauling professionals to the United Road family,” said McCann. “This expansion will enhance our ability to support our customers’ vehicle logistics needs, while creating significant opportunity for our people and investors. The alignment of our two businesses could not be better, and together, United Road will move closer to its aspirational goal as the employer and supplier of choice in the finished vehicle logistics industry.”
ABOUT CHARLESBANK CAPITAL PARTNERS, LLC
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. For more information, please visit www.charlesbank.com.
ABOUT UNITED ROAD SERVICES, INC.
Founded in 1998, United Road Services, Inc. is the premier finished vehicle logistics company in North America. Each year, United Road manages the transport of over 2.5 million vehicles for 10,000 unique customers. Headquartered in Romulus, Michigan, the company operates an integrated national network, has over 1,700 employees and over 1,500 company-owned and dedicated independent vehicle carriers. Customers include all major global vehicle manufacturers, remarketers, financial institutions, auctions, dealers, rental companies and on-line sales organizations. Its patented, industry-leading OVISS logistics system provides paperless processes, real-time order visibility for customers, and advanced load-building and routing capabilities for its operators. For more information, please visit www.unitedroad.com.