Worldwide Express and Unishippers set to merge
A merger between Worldwide Express and Unishippers Global Logistics is on the cards. Ridgemont Equity Partners announced on Thursday (17 January) that it has agreed to buy Worldwide Express from affiliates of Quad-C Management, and – as part of the transaction – it will then merge its portfolio company, Unishippers Global Logistics, with Worldwide Express to form a new entity called Worldwide Express Global Logistics.
According to Ridgemont, the merger will create “the largest U.S. non-asset based third party logistics provider of parcel and freight services to the small and medium-sized business segment”.
Ridgemont said that the transaction has received HSR approval and is expected to close in the first quarter of 2017. Financial terms of the transaction were not disclosed.
Current CEO of Worldwide Express, Tom Madine, will lead the combined business. Kevin Lathrop will continue to lead Unishippers, with members of the executive teams of both companies playing key roles on the combined executive team going forward.
