Universal Logistics Holdings Inc. in Warren, a provider of customized transportation and logistics solutions, today announced it has acquired Southern Counties Express Inc., which services the ports of Los Angeles and Long Beach, Calif.
Southern Counties offers full-service harbor drayage, transloading, warehousing, and project cargo services to a portfolio of Fortune 500 companies across a number of industries, including retail, electronics, and health and fitness equipment.
According to the Port of Los Angeles, Southern Counties was a top-ranked carrier in terms of the total number of moves in 2017. Partnering with over 250 independent contractors, Southern Counties reported total operating revenue of $54.4 million last year.
Pursuant to the acquisition, Southern Counties will operate as part of Universal Intermodal Inc. The deal is expected to be immediately accretive.
“As we continue to execute our acquisition strategy, I am excited to welcome Southern Counties to the Universal family of companies,” says Jeff Rogers, CEO of Universal Logistics. “For three generations, Southern Counties built a successful reputation servicing the ports of Los Angeles and Long Beach, and we look to continue that long tradition. The addition of Southern Counties gives Universal a meaningful footprint in southern California and a solid platform for further expansion in this key transportation market.”
The cash purchase price was $65 million, subject to customary post-closing adjustments. Plethora Businesses served as exclusive financial advisor to Southern Counties.
Universal Logistics is a leading asset-light provider of customized transportation and logistics solutions throughout the United States, Mexico, Canada, and Colombia. The company offers an array of services across their entire supply chain, including truckload, brokerage, dedicated, intermodal, and value-added services.