a leading private investment firm, and other investors, including affiliates of The D.E. Shaw Group.
As part of the transaction, Leo Suggs will become Chairman of Greatwide. The former president of UPS Freight, Suggs has devoted almost 50 years of his life to the trucking industry. He was the CEO of Overnite Transportation and instrumental in taking the company public in 2003 and selling the company to UPS in 2005.
"With the successful completion of this transaction, Greatwide is now a financially stronger company poised to meet the challenges of today's marketplace," says Raymond B. Greer, president and CEO of Greatwide. "We are now better positioned than ever to serve our customers and to prudently pursue growth opportunities. We at Greatwide are energized and excited about continuing our operations and growing under new ownership."
Greatwide also announced that it has entered into a $95 million credit facility from Bank of America, Wachovia and PNC.
Founded in Dallas, Texas in 2000, Greatwide Logistics Services is a privately held, $1 billion third-party logistics services company. The company is ranked No. 22 on the Commercial Carrier Journal 250 and No. 24 on the Traffic World Top 100 lists. The company has four primary lines of business: dedicated transport, truckload management, freight brokerage and distribution logistics.
Centerbridge Partners was established in 2006 and currently has approximately $7.2 billion in capital under management across two funds.