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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