Warren-based Universal Logistics Holdings Inc. is acquiring Michael’s Cartage Inc., a deal which would position Universal as a leading intermodal drayage provider in the Chicago market.
Michael's has been providing full-service intermodal drayage services to customers in the Midwest region for more than 20 years. The Bridgeview, Illinois-based company offers company-owned and owner-operator-provided capacity, optimizing its fleet of over 130 tractors to provide services primarily within a 300-mile radius of the Chicagoland area. In 2018, Michael's reported total operating revenues of $31.1 million.
Universal is a $1.46 billion company and expects Michael's to operate as a subsidiary of Universal Intermodal Inc. The transaction is expected to be immediately accretive.
“As Universal looks to continue the execution of its M&A strategy, we remain focused on finding premier service providers like Michael's,” Universal CEO Jeff Rogers said, "and we are actively seeking opportunities in other key transportation markets including Dallas, Texas; Atlanta, Georgia; and Kearny, New Jersey."
In 2018, Universal completed the acquisition of four best-in-class intermodal service providers, further expanding its strategic footprint into some of the largest intermodal markets in the U.S.
Dykema served as Universal's legal advisers on the transaction. Republic Partners served as exclusive financial adviser to Michael's Cartage.
