Press Release April 23, 2007Fenway Partners and RoadLink USA Acquire Third Party Logistics Provider World S.S. Inc.
PHOENIX, April 23, 2007 -- Fenway Partners, a leading middle market private equity firm, in conjunction with its intermodal trucking and logistics portfolio company RoadLink USA, today announced that it has entered into an agreement to acquire World S.S. Inc. (“WSS”), a premier North American unloading and outsourced warehouse services provider. WSS represents Fenway’s 20th acquisition in the transportation and logistics space. Financial terms of the transaction were not disclosed.
“WSS is a complementary addition to Fenway’s portfolio of transportation and logistics investments,” said Marc Kramer, Managing Director of Fenway Partners and co-head of the firm’s transportation and logistics practice. “The company fits Fenway’s investment criteria, as it holds a strong position in an attractive niche of the logistics industry, operates in a highly fragmented market, and has an outstanding ability to generate free cash flow.”
Founded in 1978 by Chairman Don An, WSS is a leader in the $22 billion value-added warehousing and distribution (“VAWD”) segment of the third party logistics industry, and is the number one provider of unloading services. In addition to unloading, WSS offers a wide range of services to warehouse clients and the common carriers delivering to them, including palletizing, order selection, and staffing for special projects such as short-term backlog reduction. Boasting a national footprint, the Company currently operates in 35 distribution centers across the U.S., and has a particularly strong presence within the grocery industry, with Safeway, Kroger, Supervalu, and Albertsons as clients.
As part of the transaction, WSS will become a division of RoadLink USA. WSS President John Boultier and other members of the WSS management team will continue to serve in their current roles and be located in the Company’s Phoenix headquarters. Chris Munro, President and Chief Executive Officer of RoadLink USA and a 25-year veteran of the logistics business, stated, “We are looking forward to working with WSS and its talented management team to provide additional resources to enhance the company’s current operating platform. We also will be working together to identify
growth opportunities, both organically and through strategic acquisitions, to accelerate WSS’ future value creation.”
John Boultier commented, “With proven experience, efficiency and comprehensive service capabilities, WSS is well-positioned to address the increasingly complex supply chain needs of our clients. I look forward to partnering with RoadLink USA as we work to build upon the industry-leading service platform we provide our valued customers and clients.”
John Anderson, Chairman of RoadLink USA and co-leader of Fenway’s transportation and logistics practice said, “Like RoadLink, WSS is well positioned to leverage the growing trend among retailers to outsource their logistics services to third parties in order to focus on their core competitive strengths, manage increasingly complex supply chains, improve customer service and achieve significant cost savings.”
About World S.S. Inc.
World S.S. Inc. (WSS), headquartered in Phoenix, Arizona and operating in 35 distribution centers across the U.S., is a leading non-asset based third party logistics provider specializing in
outsourced warehousing support services, and
is the #1 provider of unloading services in the industry. In addition to unloading, WSS also offers its clients and the common carriers delivering to them additional services including order selection, palletizing, and support on special projects such as short-term backlog reduction WSS’s reliable and well-managed workforce broadly provides responsive customer service, proactive ideas and creative solutions for supply chain needs to clients in the grocery and retail sectors.
About Fenway Partners
Fenway Partners, Inc. is a middle market private equity firm with offices in New York and Los Angeles and $1.7 billion under management. Fenway invests in profitable businesses with significant upside potential. Fenway companies typically have leading franchises and operate in two core industry segments, branded consumer products and transportation/logistics. With significant knowledge and success investing in these industries, Fenway has built a strong reputation for its hands-on approach to supporting its portfolio companies which include sporting goods manufacturer Easton Bell Sports, school yearbook and class ring manufacturer American Achievement, transportation and logistics provider Greatwide Logistics, expedited ground transportation
provider Panther Expedited Services and intermodal logistics service provider RoadLink USA.
About RoadLink
RoadLink USA is the largest independent intermodal logistics service provider in North America. Operating from more than 60 service centers, RoadLink manages a truck fleet exceeding 2,000 vehicles; comprised of more than fifteen hundred owner-operators, as well as its own trucks, to quickly and efficiently manage the last mile of our customer’s supply chain. RoadLink’s leading edge E-Commerce Capabilities and Customer Service Technology provides customers with end-to-end visibility of their shipments from port, railhead or distribution center and permits RoadLink to manage shipment and capital asset utilization to drive improved value for our customers.
For information about RoadLink USA: e-mail the company at INFO@roadlinkusa.com or phone, toll free, to 1-87-RoadLink or visit the Company’s website at www.roadlink.com
Contacts:
Richard Coyle/Brooke Morganstein
Sard Verbinnen & Co
212-687-8080
Facts at a Glance
