SCS Transportation Inc. has completed the sale of Jevic Transportation Inc., its hybrid less-than-truckload (LTL) and truckload carrier business, to an affiliate of Sun Capital Partners Inc. a leading private investment firm.

The transaction includes an estimated cash purchase price of $40 million, subject to a final working capital adjustment, and $12 million in current cash income tax benefits from structuring the transaction as an asset sale for tax purposes.
Bert Trucksess, chairman and chief executive officer of SCS Transportation, said, "Over the past several months, our board of directors, together with its financial advisor, Morgan Keegan, thoroughly and carefully evaluated a range of strategic alternatives with one goal in mind – to enhance value for all shareholders. The board concluded that Jevic, which has not achieved acceptable levels of profitability for several years, is not core to the long-term direction of the company, and the sale of Jevic is in the best interests of the company's shareholders. The company will now be comprised solely of Saia Motor Freight Line Inc., our leading multi-regional LTL carrier."
"We are pleased to have completed this transaction with Sun Capital, which we believe is the best outcome for Jevic, as well as SCS Transportation, our employees and shareholders," continued Trucksess. "We believe that as a private company, Jevic will be best positioned for a successful turnaround. We are confident that the highly dedicated and hard-working Jevic employees, led by Dave Gorman and his management team, will continue to build and enhance the Jevic brand under new ownership."