The New York City investment giant and Dallas-based Hicks Holdings, formed last year by Thomas O. Hicks Sr., are acquiring controlling interest in Greatwide Logistics Services from Fenway Partners, also from New York City, which will remain a minority partner in the operation. Greatwide was formed in 2000 when Fenway bought the Transport Industries LP, a family-owned business headquartered in Mesquite. Since then, Greatwide has acquired nine companies, driving the leased fleet to 5,500 trucks, and 4,500 trailers to service a client roster that includes Wal-Mart, Target, IBM, UPS, Ford Motor Co., General Motor Co. and Sysco. The third-party logistics provider expects this year's revenues will top out at $1.2 billion.
Under the take-over terms of the business, Investcorp will be the majority shareholder and Hicks, a "significant investor," according to this morning's press release about the agreement. The ownership change "will be seamless to our customers, employees, owner-operators and agents," Ray Greer, Greatwide's president and CEO, says in the release.
In early fall, Greatwide disclosed plans to relocate its headquarters from Williams Square at 5215 N. O'Connor Blvd. in Irving to 43,075 sf at 12404 Park Central in Dallas. A Greatwide spokesman tells GlobeSt.com that the consolidation move will take place in the coming weeks, putting teams in Irving and Mesquite under one roof.
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