Industry: Business Services / Transportation
Transaction: Sale to Strategic Buyer


USA Carriers, Inc. ("USAC") is a leading transportation service provider with an emphasis in retail distribution and logistics. USAC serves a diverse group of well-known retail customers from 11 regionally-based terminal facilities located throughout the Southeast, Midwest and Southwest. For the year ended December 31, 2006, USAC generated approximately $32 million in revenue. USAC was owned equally by two shareholders. GMB Business Advisors was retained as USAC's exclusive financial advisor to sell the company.

USAC was sold to Forward Air Solutions, Inc., a subsidiary of Forward Air Corporation (NASDAQ: FWRD), a large ground transportation provider to the air cargo industry. GMB Business Advisors initially conducted a thorough marketing process targeting potential strategic and private equity acquirers. Having identified Forward Air's strategic initiative to expand its service offerings, USAC ultimately entered into exclusive negotiations with Forward Air. After the successful negotiation of a letter of intent, the transaction closed in less than 45 days.

During the course of the negotiations, GMB Business Advisors was faced with an array of deal challenges, including the disparate transaction objectives of the two owners, employee confidentiality and overcoming significant customer concentration issues. According to Jerry Biebuyck, USAC's President and 50% shareholder, "I was impressed by GMB's practical advice. They orchestrated a process that balanced the buyer's due diligence needs with our need to continue to run the business and maintain appropriate relationships with our employees and customers. In the end, the transaction was a win-win for all involved."

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