Harris Williams & Co. Advises Urban Express Inc. on its Sale to XPO Logistics Inc.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Urban Express Inc. (UX), a portfolio company of Seacoast Capital (Seacoast), to XPO Logistics Inc. (NYSE:XPO). UX is a leading non-asset-based provider of last mile logistics services in North America. The transaction was led by Frank Mountcastle, Jason Bass, Jeff Burkett and Jeff Kidd of Harris Williams & Co.’s Transportation & Logistics (T&L) Group.
“UX has built an impressive platform for last mile logistics in the U.S. and Canada. The customer base represents some of the fastest growing users of last mile logistics,” said Frank Mountcastle, a managing director in Harris Williams & Co.’s T&L Group. “The partnership with XPO will enable UX to continue its growth and aligns nicely with XPO’s strategy in the space.”
“The management team at UX has created a last mile delivery and assembly skill set and network that is truly unmatched in North America,” said Jason Bass, a managing director in the firm’s T&L Group. “UX has developed the capability to create customized logistics solutions that meet the delivery demands of some of the most sophisticated retailers in the country. It has been a pleasure working with the UX team and shareholders.”
Founded in 1978, UX is a non-asset, last mile logistics provider that specializes in logistics for home delivery and installation of heavy goods, including e-commerce delivery and same-day delivery services. UX has approximately 700 employees and contracted capacity of over 1,600 independent carriers and installers. XPO will integrate the acquisition into its XPO Last Mile division.
Seacoast was founded in 1994 to make non-controlling subordinated debt and equity investments in privately-held lower-middle market companies. Seacoast specializes in "sponsorless" transactions, preferring to deal directly with company owners or management teams, although it will selectively consider investments led by professional investor groups. With offices in Boston and San Francisco, Seacoast has the ability to invest in businesses across the U.S.
XPO facilitates more than 37,000 deliveries a day as one of the fastest growing providers of transportation logistics services in North America. XPO is the third largest freight brokerage firm, the third largest provider of intermodal services, the largest provider of last mile logistics for heavy goods, the largest manager of expedited shipments and a leading provider of highly engineered, technology-enabled contract logistics. Additionally, the company has growing positions in managed transportation, global freight forwarding and less-than-truckload brokerage.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Harris Williams & Co.’s T&L Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), surface transportation, airport and aviation services, transportation equipment and the automotive and heavy duty vehicle market. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.