Velocity Express Eyes Management Buyout

Velocity Express Corp. said it has sent a conditional letter of intent to acquire control of the company from a management buyout group led by Chairman and Chief Executive Officer Vincent Wasik.

The deal is backed by Wasik’s private equity firm, MCG Global LLC, Velocity said in a statement.

Velocity said it is soliciting buyout offers as part of a deal it struck with senior lenders in March.

At that time its creditors approved its plan to secure a new revolving credit facility, but only if Velocity subsequently attempted “to sell the company or all or substantially all of its assets or senior notes.”

The transaction is subject to a number of conditions and may be terminated by either party, the company said.

Package-and-delivery firm Velocity Express is ranked No. 79 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.