Houlihan Lokey Advises Fleet Car Carriers
Houlihan Lokey is pleased to announce the sale of Fleet-Car Lease, Inc. dba Fleet Car Carriers to United Road Services, Inc. (United Road), a portfolio company of The Carlyle Group (Carlyle). The transaction closed on December 21, 2018.
Fleet Car Carriers is a leading provider of asset-light finished vehicle logistics in the United States. Fleet Car Carriers utilizes a 100% owner-operator driver base to transport finished vehicles from plants, ports, and railheads to dealerships or other points in the supply chain for some of the largest automotive manufacturers in the world. Fleet Car Carriers operates a national network of more than 35 terminal locations, providing on-time and damage-free delivery of more than one million finished vehicles each year. Fleet Car Carriers has been operated by members of the BonAnno family since 1990, acquiring full ownership in 1996. Fleet Car Carriers was founded in 1984 and is headquartered in Commerce City, Colorado.
Founded in 1998, United Road is a premier finished vehicle logistics company in North America. Each year, coast to coast and across borders, United Road manages the transport of more than three million vehicles. Headquartered in Romulus, Michigan, with service centers across the U.S. and Canada the company operates an integrated national network, has 1,700 employees and more than 6,000 owned and contracted vehicle carriers. Customers include all major global vehicle manufacturers, remarketers, financial institutions, car auctions, car dealers, rental companies and online sales organizations. United Road was acquired by The Carlyle Group in 2017.
The Carlyle Group is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments—Corporate Private Equity, Real Assets, Global Credit, and Investment Solutions—in Africa, Asia, Australia, Europe, the Middle East, North America, and South America. Carlyle has expertise in various industries, including aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media, and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.
Houlihan Lokey served as the exclusive financial advisor and assisted in marketing, structuring, and negotiating the transaction on behalf of Fleet Car Carriers. This transaction exemplifies the continued success of our dedicated Transportation & Logistics practice and represents another transaction in a long track record of advising and delivering outstanding results for shareholders of transportation and logistics platforms.
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