Fenway to Sell Majority Stake in Greatwide Logistics Services

December 6, 2006 12:15 PM, EST

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enway Partners, a majority owner of third-party logistics firm Greatwide Logistics Services, said Wednesday it will sell a “substantial portion” of its holdings in Greatwide to two firms for $730 million.

Investcorp will become Greatwide’s majority shareholder, while Hicks Holdings will be the other significant investor. Fenway will continue to hold a minority interest in Greatwide. The firms expect the deal to close by the end of year.

Greatwide had annual revenue of $1.2 billion in its last fiscal year. Investcorp is a private equity investment firms and manages about $10 billion in assets.

“Having had a successful partnership with Fenway since 2000, the transition . . . will be seamless to our customers, employees, owner-operators and agents,” said Ray Greer, Greatwide’s chief executive officer.

Greatwide is ranked No. 11 on the 2006 Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.