Bekins Holding Corp. has announced that it has closed the sale of Bekins Worldwide Solutions, which also operates under the trade name of HomeDirectUSA, to Transportation Resource Partners, a private equity firm focused on investments in transportation-related businesses. Terms of the transaction were not announced.
TRP, an affiliate of Penske, plans to work to provide HD with the resources to support its growth, says Larry Marzullo, president and chief executive officer of Hillside, Ill.-based Bekins Holding. “Bekins was pleased to find such a strong buyer that will further the investment and development of this exciting venture,” says Marzullo.
HD provides logistics services, solutions and customized transportation for the business-to-business and business-to-consumer market segments. The company, which has concentrated on home delivery of large consumer durables under the name of HomeDirectUSA, will maintain the HomeDirectUSA name and corporate headquarters in Hillside under the direction of CEO Brian Gallagher and his management team.
Marzullo says the sale of HomeDirectUSA adds to the financial strength of Bekins Holding and its agent network; additionally, it will provide capital for expansion of information technology, marketing, agent recruiting and over-the-road equipment. “Our financial outlook has never been brighter, and our strategic direction is the clearest it has been in the 114-year history of Bekins Van Lines,” says Marzullo. “We truly are excited about our future.”
Bekins Van Lines, a division of Bekins Holding, will maintain its headquarters in Hillside. Marzullo says the sale of HomeDirectUSA allows Bekins Van Lines to focus solely on its core competencies and dedicate its available resources to the household goods, trade show and high-value product transportation lines. In addition, the BVL growth plan includes expansion of the international business line, introduction of new products, increased sales activity and aggressive agent recruiting, Marzullo says.