The Gores Group Hauls in United Road
November 5, 2007
Los Angeles, CA NOVEMBER 5, 2007--The Gores Group, a leading private investment firm, announced today that it closed its acquisition of United Road Services, Inc., the nation's leading provider of vehicle logistics services, from Charterhouse Equity Partners III, L.P.
United Road Services, based in Romulus, Michigan, provides vehicle transportation and logistic services 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 most global vehicle manufacturers, finance institutions which remarket lease vehicles, auction houses, rail distribution centers, individuals and ports. The company is a leading shipper of retail and single units via its web portal at www.unitedroad.com and its preferred relationship with various internet retailers of vehicles. Through proprietary technology, a complementary mix of Company-owned and asset-light capabilities, an extensive national network and highly motivated professionals, United Road Services provides integrated solutions for its customers' vehicle logistics needs.
"We are excited about the prospects for future growth at United Road Services," said Jordan Katz, Principal of The Gores Group. "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 workforce, 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."
Michael Wysocki, Chief Executive Officer of United Road Services, said that "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. 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 workforce and relentless dedication to quality service." Mr. Wysocki further noted that senior management of United Road Services is investing in the company alongside The Gores Group.
Formed in 1997, United Road Services provides a wide array of vehicle transportation services, and is the only company in the industry to meaningfully serve customers across the full breadth of vehicle logistics markets. The company is recognized as an industry leader by its customers for its technology, service and damage-free delivery. For more information, please visitwww.unitedroad.com
Terms of the transaction were not disclosed.
About The Gores Group, LLC
Founded in 1987, The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC has become a leading investor, having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm has over $2 billion of capital under management. Headquartered in Los Angeles, California, The Gores Group, LLC maintains offices in Boulder, Colorado and London. For more information, please visit www.gores.com
For more information, please contact:
The Gores Group, LLC
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310-209-1373 - FAX
Sitrick and Company
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