Knight-Swift Transportation acquired 100% equity interests in Kansas City, Missouri-based UTXL, Inc.
On the one hand, UTXL is a premier third-party logistics company, specializing in full truck loads and multiple loads of any length of transportation in the United States, Canada, and Mexico.
In turn, Knight-Swift Transportation is a provider of multiple truck cargo transportation and logistics services that uses a network of business units and terminals in the United States and Mexico to serve customers throughout North America.
In addition to operating the largest tractor fleet in the country, Knight-Swift also contracts with outside equipment providers to provide a wide range of truck loading services to its customers.
The consideration for the purchase price was approximately $ 22.5 million, a portion of which was placed in custody to guarantee indemnification obligations.
Likewise, the consideration of the purchase price is subject to a regular working capital adjustment and possible additional deferred payments during the next two years.
UTXL generated more than $ 100 million in operating income last year, which contributed to an operating index in the 1990s.
Knight-Swift CEO Dave Jackson said: “The excellence of the UTXL team in providing customer-specific solutions will be an invaluable complement to our Knight-Swift transportation service offerings.
“UTXL provides exceptional and unique customer service with some of the most demanding service requirements. Knight-Swift will support the UTXL brand and independent operations, consistent with previous acquisitions, while leveraging technology and economies of scale to create synergies.”
For his part, Paul Schultz, CEO of UTXL, commented: “When the UTXL group of owners first discussed the sale, we made it clear that the future of our people and cultural fit would be imperative to continue talking to potential buyers. ”.
Scudder Law Firm, P.C., L.L.O. of Lincoln, Nebraska, served as legal and transaction adviser and Dinan Capital Advisors served as financial adviser to Knight-Swift.
Finally, Dysart Taylor Cotter McMonigle and Brumitt, P.C. of Kansas City, Missouri served as legal counsel for UTXL.