Universal Logistics Acquires Container Connection

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(RTTNews.com) - Universal Logistics Holdings Inc. ( ULH ), Friday said it has agreed to buy Deco Logistics Inc. and Oaktree Logistics Inc., collectively Container Connection, for $60 million.

Headquartered in Riverside, California, Container Connection offers its drayage services by utilizing a network of over 230 independent contractors to customers that are primarily located within the Inland Empire and Central Valley areas. Container Connection also offers warehousing, secured parking and yard space at its 18.5-acre facility.

For the year-ended December 31, 2017, Container Connection reported total operating revenues of $55.5 million. Container Connection will operate as a subsidiary of Universal Intermodal, Inc., and the transaction is expected to be immediately accretive.

"It's been quite an exciting year for Universal," stated Jeff Rogers, Universal's Chief Executive Officer. "Container Connection represents the fourth strategic acquisition we have made in the intermodal space in 2018, and we continue to actively review other strategic acquisition opportunities. Complementing our local drayage service to the Ports of L.A. and Long Beach, the acquisition of Container Connection ties together the Inland Empire for a comprehensive Southern California intermodal strategy. I am so very excited to welcome Container Connection to the Universal family of companies. This newest addition provides us, and our customers, a meaningful presence in one of the largest transportation markets in the world."

Read the original article on RTTNews (http://www.rttnews.com/2961185/universal-logistics-acquires-container-connection.aspx)

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This article appears in: World Markets , Stocks , Politics , Technology
Referenced Symbols: ULH

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