Universal Logistics Buys Fore Transportation, Expands in Chicago Market
Universal Logistics Holdings has acquired intermodal carrier Fore Transportation Inc. for $34.9 million in cash, the Warren, Mich.-based truckload company announced Feb. 2.
Fore Transportation provides local and regional drayage, yard services, and chassis rentals and repairs. Based in the Chicago suburbs, Fore Transportation operates more than 150 trucks and made $32.3 million in revenue last year. Universal expects the acquisition to immediately contribute profits to its quarterly results.
Universal Logistics Holdings, Inc. Acquires Fore Transportation, Inc. https://t.co/9BOXuLsGal #FDI pic.twitter.com/5KuijAQPFc — DugreeKnowledgeWorks (@outboundfdi) February 5, 2018
Fore Transportation owns a 28-acre terminal just north of Interstate 80, adjacent to the Canadian National Railroad intermodal yard in Joliet, Ill.
To fund the acquisition, Universal borrowed about $31.3 million from its credit line and financing through secured real estate collateral.
“We are extremely excited to welcome Fore Transportation to the Universal family,” CEO Jeff Rogers said. “Fore is a strategic acquisition of a well-established brand in the Chicagoland intermodal trucking market. We see a great deal of opportunities to gain market share in this region, as well as offer expanded services to Fore’s already existing blue-chip customer base.”
Universal Logistics ranks No. 32 on the Transport Topics Top 100 list of for-hire carriers in North America.
