The Gores Group, a leading private investment firm, announced
today that it closed its acquisition of United Road Services, Inc.,
the nation´s leading provider of vehicle logistics services, from
Charterhouse Equity Partners III, L.P.
United Road Services, based in Romulus, Michigan, provides vehicle
transportation and logistic services for more than two million
vehicles annually through its national vehicle logistics network. The
company´s fleet includes more than 1,100-owned carriers and owner
operators, supported by 2,500 carrier partners operating from 34
terminals. Customers include most global vehicle manufacturers,
finance institutions which remarket lease vehicles, auction houses,
rail distribution centers, individuals and ports. The company is a
leading shipper of retail and single units via its web portal at
www.unitedroad.com and its preferred relationship with various
internet retailers of vehicles. Through proprietary technology, a
complementary mix of Company-owned and asset-light capabilities, an
extensive national network and highly motivated professionals, United
Road Services provides integrated solutions for its customers´ vehicle
logistics needs.
"We are excited about the prospects for future growth at United
Road Services," said Jordan Katz, Principal of The Gores Group.
"United Road Services, already a leader in vehicle logistics, is
extremely well positioned to gain greater share in its core auto
transport business, as well as expand into adjacent markets. With its
talented leadership and strong workforce, United Road Services is
exactly the kind of company in which The Gores Group seeks to invest
and partner. We believe the competitive dynamics in the industry
support accelerated growth at United Road Services and the business,
leveraging its young fleet and growing asset-light platform, is poised
to further penetrate existing customers and expand into new ones."
Michael Wysocki, Chief Executive Officer of United Road Services,
said that "The Gores Group would be able to provide the financial and
operational resources needed to take advantage of the evolving
opportunities in the vehicle transportation industry today. Gores,
with their flexible capital base and proven history of value creation,
will allow us to make the appropriate internal investments and
entertain various strategic acquisitions. United Road Services will
continue to build value for its customers, employees and shareholders
through our proprietary logistics technology, non-union workforce and
relentless dedication to quality service." Mr. Wysocki further noted
that senior management of United Road Services is investing in the
company alongside The Gores Group.
Formed in 1997, United Road Services provides a wide array of
vehicle transportation services, and is the only company in the
industry to meaningfully serve customers across the full breadth of
vehicle logistics markets. The company is recognized as an industry
leader by its customers for its technology, service and damage-free
delivery. For more information, please visit www.unitedroad.com.
Terms of the transaction were not disclosed.
About The Gores Group
Founded in 1987, The Gores Group, LLC is a private equity firm
focused on acquiring controlling interests in mature and growing
businesses which can benefit from the firm´s operating experience and
flexible capital base. The firm combines the operational expertise and
detailed due diligence capabilities of a strategic buyer with the
seasoned M&A team of a traditional financial buyer. The Gores Group,
LLC has become a leading investor, having demonstrated over time a
reliable track record of creating substantial value in its portfolio
companies alongside management. The firm has over $2 billion of
capital under management. Headquartered in Los Angeles, California,
The Gores Group, LLC maintains offices in Boulder, Colorado and
London. For more information, please visit www.gores.com.
