Universal Logistics Holdings has announced its acquisition of Southern Counties Express. Servicing the Ports of Los Angeles and Long Beach for more than 25 years, Southern Counties offers full-service harbour drayage, transloading, warehousing, and project cargo services to a portfolio of companies across a number of industries, including retail, electronics and health & fitness equipment. Partnering with over 250 independent contractors, Southern Counties reported total operating revenues of $54.4m for the year-ended December 31, 2017. Pursuant to the acquisition, Southern Counties will operate as part of Universal Intermodal, Inc. and is expected to be immediately accretive.
Jeff Rogers, Universal’s Chief Executive Officer, commented on the acquisition: “The addition of Southern Counties gives Universal a meaningful footprint in southern California and a solid platform for further expansion in this key transportation market.”
The cash purchase price was $65m, subject to customary post-closing adjustments. Plethora Businesses served as exclusive financial advisor to Southern Counties.
Source: Universal Logistics
