Private-equity groups to buy stake in Greatwide

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Private-equity groups Investcorp and Hicks Holdings have agreed to pay $730 million for a majority stake in Greatwide Logistics Services, the companies announced Wednesday, Dec. 6. Investcorp will control 65 to 80 percent of Dallas-based Greatwide, and Hicks Holdings will own 15 to 25 percent, says Roy Winnick, a spokesman for Hicks Holdings.

Privately held Greatwide, patched together with acquisitions, says its trucking and warehouse customers include Wal-Mart Stores, Target and food distributor Sysco; an Investcorp executive said Greatwide has annual revenue of $1.2 billion. The sale by Greatwide’s current majority owner, Fenway Partners, is expected to close by yearend; New York-based Fenway will keep a 5 to 10 percent stake in Greatwide.

Hicks Holdings is led by financier Thomas O. Hicks and controls his real estate and sports investments, including the Texas Rangers and Dallas Stars. Investcorp manages about $10 billion in assets.