The Gores Group, a private investment firm, announced Monday, Nov. 5, that it closed its acquisition of United Road Services, a provider of vehicle logistics services, from Charterhouse Equity Partners III, L.P. Terms were not disclosed.
“We are excited about the prospects for future growth at United Road Services,” says Jordan Katz, principal of The Gores Group, based in Los Angeles. “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 work force, 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.”
United Road Services, based in Romulus, Mich., provides vehicle transportation and logistics 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 global vehicle manufacturers, finance institutions that remarket lease vehicles, auction houses, rail distribution centers, individuals and ports.
“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,” says Michael Wysocki, chief executive officer of United Road Services. “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 work force and relentless dedication to quality service.”
Senior management of United Road Services is investing in the company alongside The Gores Group, Wysocki says.