Vehicle transport and logistics provider United Road has been acquired by The Carlyle Group.
Terms of Carlyle’s purchase of United Road from Charlesbank Capital Partners were not disclosed. The Carlyle Equity Opportunity Fund II provided the equity for the deal, which was announced Tuesday.
Kathleen McCann will continue as chief executive officer of United Road, Mark Anderson remains chief operating officer and president, and the company will keep the rest of the executive team intact.
“The Carlyle Group’s global reach and expertise coupled with its reputation for helping companies thrive, makes it an exceptional investor partner for United Road,” McCann said in a news release.
“United Road is well positioned for continued growth in the new and remarketed vehicle segments. Our strengths are our dedicated team, great customers, geographic reach and our technology,” she said. “We have a nationally integrated network of providers and a proprietary technology platform that together give us the flexibility to respond quickly to customers’ needs. We expect the Carlyle team will help us accelerate our disciplined growth and further enhance our ability to serve our customers.”
Carlyle managing director Adam Glucksman added in the release: “United Road's growth in recent years is a testament to its superb leadership and quality customer service. To our partnership with Kathleen and her team, we'll bring Carlyle's deep transportation experience and network, which we believe will contribute meaningfully to United Road's continued growth trajectory.”
McCann said that United Road is likely to move more than 3.5 million vehicles in 2017, compared to 1.5 million in 2012. She lauded Charlesbank in helping drive the growth over the last five years.
“We are so grateful to Charlesbank and our amazing board of directors for their support over the past five years,” McCann said. “Our strategic growth platform was really turbocharged in late 2012 when we were acquired by Charlesbank. They provided the capital, support and encouragement to expand our reach and capabilities — both organically and through the acquisition of a major competitor, which gave us a deeper presence in the Southeast and Southwest U.S.”