The logistics business will operate as a private company owned by Austin Ventures.
"This transaction enables YRC Worldwide to focus on our core transportation capabilities while continuing to offer full global logistics solutions for our customers through a strong business relationship with the new company," said Bill Zollars, chairman, president and CEO, YRC Worldwide. "There will be no change in the way a customer's business is handled, and they will benefit from advancements in the delivery of comprehensive supply chain solutions by both companies. In addition, the incremental liquidity from the transaction will support YRC Worldwide business growth."
YRC will retain all of its China-based operations, and the strategic partnership with Austin Ventures gives customers of the new logistics company ongoing access to these capabilities.
"The current YRC Logistics management team remains in place and customers will experience the same expertise and accountability," adds John Carr, president of YRC Logistics. "The substantial equity infusion from Austin Ventures positions us to pursue new business development as well as growth through acquisition."