Arkansas Best Corp. on Thursday announced it will purchase Panther Expedited Services from a private equity firm for about $180 million.
Following the close of the acquisition, Panther will operate as a subsidiary of Arkansas Best and a sister company to ABF Freight System, Arkansas Best’s less-than-truckload operation and largest business unit.
Panther, a provider of expedited transportation and logistics services, reported $215 million in revenue in 2011, Arkansas Best said in a statement.
Arkansas Best said it expects the acquisition to enhance its service offerings, expand its customer base and be accretive to earnings per share beginning in the third quarter.
The transaction is scheduled to close on or about Friday, Arkansas Best said. All of Panther’s outstanding debt will be repaid as part of the transaction.
Panther’s management team is expected to remain in place, Arkansas Best said.
Arkansas Best Corp. is ranked No. 14 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. Panther Expedited is ranked No. 97 on the list.