SOURCE: Greatwide Logistics

Greatwide Logistics

March 29, 2010 09:00 ET

Greatwide Logistics Services Emerges as Strong, Financially Stable Company After Successful Financial Restructuring

Company Strengthens Service Offerings, Invests in Technology and People to Better Meet the Needs of a Changing Marketplace

DALLAS, TX--(Marketwire - March 29, 2010) -  Greatwide Logistics Services, a national provider of third-party logistics services, today announced the completion of its transformation after a financial restructuring to become one of the industry's leading integrated logistics and transportation providers. Since its 2008 restructuring, Greatwide has evolved from a company facing significant financial challenges to one with a debt-to-equity ratio of .72 -- among the lowest in the industry. 

The company, now servicing 12 of the nation's largest retailers and distributors, was purchased in February 2009 by affiliates of Centerbridge Partners, a leading private investment firm, and other investors, including The D.E. Shaw Group. With that foundation, Greatwide is moving forward as a financially solid company focused on growth.

"Our initial strides in 2009 brought us excellent progress, and now -- with this transformation complete -- we have a clear and focused agenda to continue on that path," said Leo Suggs, chairman of the board and chief executive officer, Greatwide Logistics Services. "Our strategy moving forward is to continue what we do best in the logistics and transportation industry, as well as to invest in new solutions, accelerate customer relationships and expand the business, both organically and through additional acquisitions."

Under its new strategic plan, Greatwide is positioning itself for growth with new technology and processes, and a focus on several key capabilities: Dedicated, Brokerage and Warehousing, that are all enhanced by combined solutions enabled by its Managed Transportation Services offering. While the company's core capability areas used to operate relatively independently, it is now working toward combining functionalities across business areas to create integrated services for customers.

"While 2009 was a challenging year in our industry, we saw it as a prime opportunity to analyze how best to serve the evolving needs of customers in our sector," said Suggs. "Through that process, we've streamlined everything we do, and focused on developing innovative solutions in order to provide the best customer experience possible."

The Greatwide brand was introduced in 2006. The company is currently one of the top dedicated contract carriage providers in the United States and a leading brokerage firm with plans to expand its business in the grocery, food and beverage, produce, fresh food, retail and industrial markets.

About Greatwide Logistics Services
Greatwide Logistics Services is a privately held third-party logistics provider serving the United States and Canada. Greatwide offers an integrated service platform to customers including dedicated, irregular route truckload, full-service truckload brokerage, warehouse-based logistics and managed transportation services. Greatwide is the largest provider of dedicated refrigerated transportation in the United States. The company ranks 11th among Transport Topics' Top 50 Logistics Providers, is a Food Logistics Top 70 3PL Provider and an Inbound Logistics Top 100 Motor Carrier. For more information, visit www.greatwide.com or follow the company on Twitter at www.twitter.com/Greatwide.

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