Panther purchased by ABF?
- Thread starter rikd57
- Start date
when all others said it wasnt a fit i said it was and so did you if i remember correctly. just like the operation conway now and conway ltl had. it worked good there and should work good here.
That was certainly my thoughts although a few pooh-poohed it when I posted on it a couple of weeks ago. I think the union connection might have been part of that. Out of who was running, I thought they were the best fit.
180 million....not bad for a franchise idea.....Tim Hortons is over 1 Million just for one little outlet...
I can hear DaveKC breathing easier now....LOL
I can hear DaveKC breathing easier now....LOL
Zooming out and looking at the bigger picture and a longer time frame, it is interesting to see that the two largest expedite carriers in the industry -- Panther and FedEx Custom Critical -- have come to be subsidiaries of large LTL carriers. Panther now reports to ABF. FedEx Custom Critical started reporting to FedEx Freight a couple of years ago.
Yea, some thought we was crazy for saying that ABF was the one buying Panther Dave, and that it was going to be Express1. Now back to our regular program of talking about the up coming 2012 Expedite Expo. This is old news to me.
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From this Reuters story:
"Arkansas Best, XPO Logistics XPO.A and private equity firms Jordan Co and MidOcean Partners had made offers for Panther, sources told Reuters in May."
"Arkansas Best, XPO Logistics XPO.A and private equity firms Jordan Co and MidOcean Partners had made offers for Panther, sources told Reuters in May."
From this MarketWatch story:
"The current Panther management team is expected to remain in place to manage and grow the business."
"The current Panther management team is expected to remain in place to manage and grow the business."
News organizations are saying that Panther reported $215 million in revenue (and $24 million of adjusted EBITDA ) in 2011. At a purchase price of $180 million, Panther was sold for less than one-year's worth of revenue (84 percent) and there were multiple bidders, including XPO.
No point to make here, just an observation.
My observation....it went pretty cheap...but then again...Panther doesn't own anything...being a non asset company...all they bought was a operating system...I think the big thing now ABF has an expanded customer base...
CharlesD
Expert Expediter
That's good news, since the current Panther management team is a pretty good recruiter for other carriers.
I'm looking through old files now because I am curious too. Found this from an August, 2010 Journal of Commerce article:
"The $158 million non-asset-based transporter lost $43.3 million in 2009, according to documents filed with the federal Securities and Exchange Commission Aug. 6."
Still digging. I suppose someone who is acquainted with people at Panther or Fenway could simply call and ask. Don't know if the question would be answered or not.
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The thing about profit and loss sheets is you never know what is real numbers. 43 million could be charge offs or an actual hard money loss. I think you know what im trying to say.
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As you stated it is related to charge offs and aquisitions. If they lost 43M in actual cash revenue, that building would be cobwebs and spiders.