UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH): M&A transaction — Universal Logistics acquires rail terminal operator Parsec for $193.6M cash

UNIVERSAL LOGISTICS HOLDINGS, INC.

Acquired Parsec (terminal services, 2,100 employees, >20 rail yards) for ~$193.6M cash, funded via KeyBank credit facility.
Parsec reported TTM operating revenues of $230.2M (ended Aug 31, 2024); transaction expected to be immediately accretive.
Parsec will operate within Universal's contract logistics segment; CEO says segment revenues expected to exceed $1B annually.
Post-closing escrow of $2.6M; after borrowing, ~$81.7M revolver availability remains and all covenants compliant.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

UNIVERSAL LOGISTICS HOLDINGS, INC. completed an acquisition involving Parsec Holdings, Inc., Budco Group, Inc. and certain of their related parties for approximately $193.6 million in cash at closing (closed 2024-09-30).

Action: acquisition
Counterparty: Parsec Holdings, Inc., Budco Group, Inc. and certain of their related parties
Consideration: approximately $193.6 million in cash at closing
Closing: 2024-09-30

Exact text from the filing

The Purchasers completed the Acquisition simultaneously with their signing of the Agreement on September 30, 2024. The Purchasers paid the Sellers approximately $193.6 million in cash at closing for the Parsec Companies, of which approximately $2.6 million was placed into escrow to secure certain post-closing obligations of the Sellers.

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Source: SEC EDGAR

accession 0000950170-24-110557

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