Fenway-backed Panther Expedited selling itself: sources

Tue Feb 28, 2012 1:48pm EST

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(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)

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Comments (1)
I think your story my be wrong. Panther is not based out of Cleveland, Ohio first off. They are based out of Seville, Ohio. You may want to check with the person or persons that gave you this info.

Feb 28, 2012 4:10pm EST  --  Report as abuse
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