Less-than-truckload giant YRC Worldwide has completed the sale of YRC Logistics, which has been rebranded MIQ Logistics.
The company sold the division to private equity investor Austin Ventures for $38.7 million.

YRC said it received $33.6 million at the initial closing of the deal, while the remaining $5.1 million goes into escrow.

Joey Carnes will serve as chairman and CEO of the new entity, responsible for the overall global performance of the supply chain management company, headquartered in Overland Park, Kan. Previously president and CEO of Bax Global Inc., a $3 billion global supply chain company, Carnes brings over 30 years of experience in building strong customer-centric logistics operations and directing the changes necessary to respond to market conditions.

"I've had the opportunity to meet the MIQ Logistics leadership team and gained a deep respect for their abilities," said Carnes. "In addition, it is immediately apparent that we share the same business approach which emphasizes continuous improvement and responsiveness to customer needs."

Carnes will work closely with John Carr, president and chief operating officer. "Bringing Joey in as our chairman and CEO again shows the commitment of our partners, Austin Ventures, to our company," said Carr. "I've known, worked with, and respected Joey for over 20 years. Over those years I've seen him grow companies such as ours into industry powerhouses. He understands the business like few others, he relates well with clients, and he values the contributions of employees."

Carnes joined Bax Global in 1999 as president of the U.S. and Canada. Shortly thereafter, he assumed leadership of the company's 15,000 employees and 500 offices in 123 countries. While there, Deutsche Bahn AG purchased Bax, and Carnes had oversight responsibilities for the company's integration with Schenker AG, with a specific focus on customer integration and network capabilities.

Prior to Bax, Carnes was executive vice president of Fritz Companies.

Carnes joins an established leadership team at MIQ Logistics which includes Carr; Brenda Stasiulis, chief financial officer; Reid Schultz, general counsel and chief administrative officer; Dan Bentzinger, chief information officer; David Griffith, senior vice president of logistics; and Michael Collins, senior vice president of global operations.