Arkansas Best Closes on Panther Purchase
by June 22, 2012 4:18 pm 90 views
Arkansas Best Corp. closed June 20 on its purchase of Panther Expedited Services Inc. from Fenway Partners LLC, a private equity company, for about $180 million. Arkansas Best had announced the purchase about a week earlier.
The transportation company, based in Fort Smith, said in a news release that all Panther’s outstanding debt has been repaid and a $100 million term loan arranged by U.S. Bank National Association for the transaction has also been funded. The loan was arranged through U.S. Bank National Association, a subsidiary of U.S. Bancorp, Arkansas Best said.
Panther, based in Seville, Ohio, provides logistics services to the transportation industry.
Arkansas Best said it was one of the largest logistics companies in the world, and had 11,000 customers worldwide. The company reported about $215 million in revenue and $24 million of adjusted EBITDA in 2011.
Panther will operate as a sister company to ABF Freight System Inc., Arkansas Best’s largest subsidiary.
The deal marks the first acquisition under Arkansas Best president and CEO Judy R. McReynolds, who became chief executive in 2010.