Albany, NY (January 16, 2002) -- United Road Services Inc. (OTCBB: URSI), a leading provider of national transport and regional towing and recovery services, today announced it has acquired the stock of Auction Transport, Inc. ("ATI"), formerly a subsidiary of Manheim Services Corporation. ATI provides automobile transport services to various Manheim Auction, Inc. ("Manheim") auction locations and on a for hire basis. Manheim, a subsidiary of Cox Enterprises, is the largest wholesale auto auction company in the world, operating more than 115 auction facilities worldwide.
ATI, headquartered in Lee's Summit, Missouri, had revenue of approximately $42.5 million in 2001. ATI currently operates a fleet of approximately 185 units as well as providing integrated vehicle logistics management.
Gerald Riordan, Chief Executive Officer of the Company commented, "We are very excited about the acquisition of Auction Transport, Inc. and are pleased to broaden our relationship with Manheim Auction, Inc. With this acquisition, we have enhanced the service capacity of our national transport network, expanded our relationship with a well-established customer and obtained an exciting growth opportunity. We continue to seek ways to improve our overall operations and this strategic acquisition is another important step in achieving United Road's successful turnaround."
Formed in July 1997, United Road Services has a network of 29 divisions in 20 states. The Company's broad range of services includes towing, impounding and storing motor vehicles, conducting lien sales and auctions of abandoned vehicles and transporting new and used vehicles and heavy construction equipment. More information on United Road Services may be obtained from the Company's web site at www.unitedroad.com.
This release contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Readers should not place undue reliance on forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should carefully review the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.4 billion of assets under management (as of December 31, 2023). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $20.3 billion, operate 222 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of December 31, 2023). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
