Arkansas Best Buys Panther in $180 Million Deal
Arkansas Best Corp. has purchased Panther Expedited Services in a $180 million deal that ABC officials say will help them better tap the $700 billion transportation and logistics market, and will begin to add to the bottom line as early as the third quarter.
The deal is expected to close Friday. Panther is owned by New York City-based Fenway Partners.
Execs at Fort Smith-based Arkansas Best, the parent company of ABF Freight System, have in recent years sought to diversify the company. ABF — one of the largest less-than-truckload carriers in the U.S. — was responsible for $1.73 billion of the $1.907 billion in revenue Arkansas Best posted during 2011.
Arkansas Best posted 2011 net of $6.159 million, a huge swing from the $32.693 million loss during 2010. The 2011 financials marked the end of two consecutive years of income losses. Click here to read the full story from our partners at TheCityWire.com.