Fenway-backed Panther Expedited selling itself: sources
(Reuters) - U.S. logistics firm Panther Expedited Services Inc is trying to sell itself, three months after scrapping its IPO plans, two people familiar with the matter told Reuters.
Panther, owned by private equity firm Fenway Partners, is being advised by J.P. Morgan -- which was one of the several underwriters for the initial public offering -- the sources said.
The sources did not want to be named as the sale process was private.
XPO Logistics XPO.A and several private equity firms are eyeing Panther, one of the sources said.
XPO Logistics has been looking to make acquisitions since it received a $150 million investment from Brad Jacobs and his private equity firm in June 2011.
Jacobs plans to transform the company into a $4-$5 billion business in a few years, mostly through acquisitions.
A Panther spokesman declined to comment. Fenway was not immediately available for a comment.
Panther had filed for an IPO of up to $115 million in 2010 but called it off in November 2011.
The Cleveland, Ohio-based company provides expedited transport services via ground, air and ocean shipping. Its annual revenue was $142 million, according to Fenway's website.
New York-based Fenway, with $2.1 billion in capital under management, invested in Panther in 2005.
(Reporting by A. Ananthalakshmi in Bangalore; Editing by Unnikrishnan Nair, Saumyadeb Chakrabarty)
WASHINGTON - A bipartisan budget deal announced in the U.S. Congress on Tuesday, though modest in its spending cuts, would end three years of impasse and fiscal instability in Washington that culminated in October with a partial government shutdown.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.