con-way sells out
- Thread starter jon_boys trkin
- Start date
bernieh48
Veteran Expediter
Well first off they did not go into bankruptcy. The president of Conway didn't want this expedite division anymore because they were having to farm out a lot of loads to other expedite customers anyway. They said they did't have the trucks to cover the load amounts they were getting. They sold all of their contracts with the customers to Panther as well. We have been with Conway Now for a while and were shocked mostly by the way this was handled on a weekend in the wee hours of the morning. We were in route on a load to Barstow, CA at the time too and we completely worried as to what would happen and if we would be stuck out here during the transition. Well I must say that so far Panther has been great in their answering of questions and help on this transition. We were automatically paid d/h to Los Angeles and then before we even got there were offered a load picking up tonight. They are sending all our permits overnight and everything we need to just keep right on rolling. If anything this buyout will help the current Panther contractors by giving them and us now all the extra customers we need to keep everybody moving. I am also really happy now because we can now go back to a reefer D unit for specialized services like when we were White Glove at FedEx and not have to worry about our dogs as Panther doesn't care. I belive a lot of FedEx contractors will be coming over here as well. To all that were with Conway like us, cheer up and don't worry, God has a plan and will always take care of you. Thanks and God Bless all!
Yes, we have a truck coming into Barstow late Monday from a weekend run. I like those quick turnarounds. I think as well you will see others from other carriers cross over as well. Panther in some instances might pay alittle less, but you won't have that sitting for days waiting on loads and deadheading all over the place.
Davekc
owner
22 years
PantherII
EO moderator
Davekc
owner
22 years
PantherII
EO moderator
Mayfield said:
It was reported that Con Way was in Bankrupcy court and that is one of the reason for them selling Con Way to Panther. I can't say this is a sure thing but the person that that told me is good with the facts. I will keep you posted on this.
This other person said:
A reliable source has revealed that fedex has been purchased by TYCO TOYS. It was reported Monday, that Fedex, fearing losing all their business to the new giant PII, decided to throw in the towell and has turned over all their business to the toy magnet. Management at fedex could not be contacted to verify the tranaction but contractors signed on with fedex have already been notified to remove signage.
Smooth move Mayfield.
It was reported that Con Way was in Bankrupcy court and that is one of the reason for them selling Con Way to Panther. I can't say this is a sure thing but the person that that told me is good with the facts. I will keep you posted on this.
This other person said:
A reliable source has revealed that fedex has been purchased by TYCO TOYS. It was reported Monday, that Fedex, fearing losing all their business to the new giant PII, decided to throw in the towell and has turned over all their business to the toy magnet. Management at fedex could not be contacted to verify the tranaction but contractors signed on with fedex have already been notified to remove signage.
Smooth move Mayfield.
Congratulations Panther. You won this battle and like A-team, and I am sure, others at custom critical I also found this news a bit annoying (just my competitive nature comming out). You guys now have the bragging rights for #1.
But on an individual basis it will probably have little impact on the individual drivers. From what I have heard you have been staying busy before this purchase so unless the rates go up I see little change to you're bottom line.
You have been doing fine at #2 for years and I am sure I will do fine working for #2 now.
That's a heck of a deal you got getting Conways leased drivers and customer list for 7-8 million. I am sure that the price would have been much higher if Fedex would have been in on the bidding, but being that Fedex Freight is in direct competition with Conway in the LTL market and especially with a heavy west coast presence Conway would never have sold to them.
Looking at the S-1 it appears that Fenwaypartners paid about 121 to 131 million for a 78% share of Panther last year
As far as the future of Panther. I agree with Dave that looking at Fenwaypartners business model, being a private equity buy out firm, with a goal of building business's with good growth potential, they are not looking for a quick turn around on their investment. With partners such as B of A, AT&T, J P Morgan, BP/Amoco, Citicorp, Merrill Lynch, N Y Life, U S Bancorp Etc. They don't need to be in a hurry.
But if UPS or DHL would deceide that a measly 3 or 4 hundred million would be worth spending for bragging rights as the number 1 ground surface expedite company in the country and increase their overall presence it could get interesting.
But on an individual basis it will probably have little impact on the individual drivers. From what I have heard you have been staying busy before this purchase so unless the rates go up I see little change to you're bottom line.
You have been doing fine at #2 for years and I am sure I will do fine working for #2 now.
That's a heck of a deal you got getting Conways leased drivers and customer list for 7-8 million. I am sure that the price would have been much higher if Fedex would have been in on the bidding, but being that Fedex Freight is in direct competition with Conway in the LTL market and especially with a heavy west coast presence Conway would never have sold to them.
Looking at the S-1 it appears that Fenwaypartners paid about 121 to 131 million for a 78% share of Panther last year
As far as the future of Panther. I agree with Dave that looking at Fenwaypartners business model, being a private equity buy out firm, with a goal of building business's with good growth potential, they are not looking for a quick turn around on their investment. With partners such as B of A, AT&T, J P Morgan, BP/Amoco, Citicorp, Merrill Lynch, N Y Life, U S Bancorp Etc. They don't need to be in a hurry.
But if UPS or DHL would deceide that a measly 3 or 4 hundred million would be worth spending for bragging rights as the number 1 ground surface expedite company in the country and increase their overall presence it could get interesting.
>That's a heck of a deal you got getting Conways leased
>drivers and customer list for 7-8 million.
>
In this and another thread there's talk about what a bargain it was at $7 million. That's a lot of money to pay for what amounts to very little. There are no real assets involved. The customers don't have to put one pound of freight on any Panther trucks. Panther has to haul the freight at whatever contract terms the customer has until the contract period runs out. The customers can all go elsewhere if they choose. There isn't one piece of power equipment coming across as an asset. It all belongs to the owners. There is substantial potential but it isn't the same as paying $7 million for a Kia store and getting millions of dollars worth of inventory in the deal.
Leo Bricker, 73's K5LDB, OOIDA 677319
Owner, Panther trucks 5507, 5508, 5509
Highway Watch Participant, Truckerbuddy
EO Forum Moderator
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Support the entire Constitution, not just the parts you like.
>drivers and customer list for 7-8 million.
>
In this and another thread there's talk about what a bargain it was at $7 million. That's a lot of money to pay for what amounts to very little. There are no real assets involved. The customers don't have to put one pound of freight on any Panther trucks. Panther has to haul the freight at whatever contract terms the customer has until the contract period runs out. The customers can all go elsewhere if they choose. There isn't one piece of power equipment coming across as an asset. It all belongs to the owners. There is substantial potential but it isn't the same as paying $7 million for a Kia store and getting millions of dollars worth of inventory in the deal.
Leo Bricker, 73's K5LDB, OOIDA 677319
Owner, Panther trucks 5507, 5508, 5509
Highway Watch Participant, Truckerbuddy
EO Forum Moderator
----------
Support the entire Constitution, not just the parts you like.
nightcreacher
Veteran Expediter
Dave I agree,
Been here since 1984,to many truck numbers to remember them all,but in expediteing, there is but one leader,we all wish it were Roberts,but the Fed Ex logo will do just fine.
Wont be long til we here of Panther III,might of bit more than they can chew
nightcreacher
steve gilbert
E6613
ooida 263839
Been here since 1984,to many truck numbers to remember them all,but in expediteing, there is but one leader,we all wish it were Roberts,but the Fed Ex logo will do just fine.
Wont be long til we here of Panther III,might of bit more than they can chew
nightcreacher
steve gilbert
E6613
ooida 263839
As Mr. Dixon said, how the big picture plays out will likely affect individual contractors little. If you were doing well before the changes, you will likely do well after them, no matter what your carrier of choice is.
I'm surprised that after this much discussion and these many days, no one has entertained the thought that the buyer that might be most interested in purchasing Panther, and most motivated to do so if Fenway puts Panther on the block, would be FedEx Custom Critical.
All at once it would be a market share grab, market leadership play, customer list expansion, elimination of a competitor and more.
Pure speculation on my part but I can see FedEx making a very attractive offer to Fenway; one that would be too good for Fenway's directors and shareholders to turn down.
Both to protect its existing business and keep other major players (UPS, DHL, ect.) from easily and quickly entering the expedited freight marketplace, FedEx has very strong incentives (and the money) to acquire Panther if the opportunity arises.
I'm surprised that after this much discussion and these many days, no one has entertained the thought that the buyer that might be most interested in purchasing Panther, and most motivated to do so if Fenway puts Panther on the block, would be FedEx Custom Critical.
All at once it would be a market share grab, market leadership play, customer list expansion, elimination of a competitor and more.
Pure speculation on my part but I can see FedEx making a very attractive offer to Fenway; one that would be too good for Fenway's directors and shareholders to turn down.
Both to protect its existing business and keep other major players (UPS, DHL, ect.) from easily and quickly entering the expedited freight marketplace, FedEx has very strong incentives (and the money) to acquire Panther if the opportunity arises.
bernieh48
Veteran Expediter
Yes so far Panther has made the transition great for us as well. We decided to wait for our permit and signage package and not even did we get that and got a great run out of CA to Chicago. So far everyone has been helpful in the whole deal. Might have questions for all you old time Panther guys though. Help with ppwk and such. Pm me e-mails if possible. Mine is [email protected] Thanks for all the help!
Greg
Let me guess.... in your dream FedEx and UPS then merg and become FedUp??
Steady
"The windshield is bigger than the rear view mirror, because it is more important to see where you are going than where you have been"
Let me guess.... in your dream FedEx and UPS then merg and become FedUp??
Steady
"The windshield is bigger than the rear view mirror, because it is more important to see where you are going than where you have been"
Hi
I don't understand why an owner operator based company would buy another owner operater base company.If you wanted the drivers, why not recruit them with a better deal than what they are all ready getting.Why would you want their freight when you claim you can't cover your own loads?Im not trying to be cynical.Just hoping for some enlightenment.
Is Panther getting any office personel in this deal?Our we gaining any Canadian owner operaters?Was Conway a Fast approved carrier?How many units from each catagory did we gain?
Welcome to the team ex-Conway's.Good luck to all.
I don't understand why an owner operator based company would buy another owner operater base company.If you wanted the drivers, why not recruit them with a better deal than what they are all ready getting.Why would you want their freight when you claim you can't cover your own loads?Im not trying to be cynical.Just hoping for some enlightenment.
Is Panther getting any office personel in this deal?Our we gaining any Canadian owner operaters?Was Conway a Fast approved carrier?How many units from each catagory did we gain?
Welcome to the team ex-Conway's.Good luck to all.
bernieh48
Veteran Expediter
Thank you for the warm welcome! As far as we know from talking to Conway dispatchers some of the dispatchers were offered jobs with Panther. Not sure how many. Some of the others were offered jobs with other Conway divisions. Not sure about the actual numbers of trucks, but from what Panther is telling us, so far only 248 straight trucks are already signed in the transfer. They did buy Conway Expeditite's contracts too because we have already hauled one for our old Conway accts that we have in the past. So far Panther is doing great by us. We delivered our first load with Panther this morning. Came out of Yuma,AZ and delivered in Chicago and then now we are reloaded in the Peroria,IL area and are headed to Vegas for Mon. delivery. Hope this works out for all us contracted with Panther. Hopefully the ones that were already on with them will see a better run count with the added customers. Esp. out of Laredo,TX. Comway had a lot of cutomers there so we should have the edge out of there. I am a firm believer in that all things happen for a reason and purpose. Things will all shake out and everything will be Peachy! Thanks to all and God Bless! Safe driving out there guys.
ConWay was a FAST certified carrier. When I faxed them a copy of my brand new FAST card, they said they would order the transponder for me, and I never did get one - so sometimes they were kind of SLOW, too, lol. Panther is really trying to make us ex ConWay drivers feel welcome, & I 'preciate that, anyway. 
creekindian33
Expert Expediter
yes i like con way to i already worked whith panther i dont care for them if u r a fleet owner ull do good if not i whould look around for another company they say they dont have any favortism towards fleet owners if that was true they whould pay everybody the same fleet gets 1.35 per mile everybody elts gets 1.21 which i dont think its right ull find out soon enough how panther realy is whatch ur back stay under con way contract as long as u can if u r not a fleet owner look around at smaller compines dimond an bolt r paying 4 6 thousand a week also panther sayes team r only making 140 thousand per year befor fuel i was pulling a lot more then that whih co way good luck to u an ur wife