Universal Truckload Closes $123 Mln. Acquisition Of Westport Axle

(RTTNews) - Universal Truckload Services Inc. (UACL) said Friday it has completed the acquisition of Westport Axle Corp. for a cash purchase price of $123 million, subject to a post-closing adjustment.

Based in Louisville, Kentucky, Westport is a provider of value-added warehousing and component distribution services to U.S. manufacturers of Class 4-8 trucks, RVs and super-duty trucks. Westport also machines and distributes steering knuckles and axle components for the automotive industry.

For the year-ended December 2012, Westport had operating revenues of $58.4 million, and $66.0 million for the nine months ended September 2013.

"The integration of Westport's value-added logistics capabilities and relationships with heavy truck manufacturers gives us many new business growth opportunities," said Scott Wolfe, Universal's CEO.

In connection with the acquisition, Universal expanded its senior credit facility to provide for aggregate borrowing up to $300 million. As of closing, $237.5 million is borrowed under the facility, including funds required to conclude the acquisition.