Industry: Industrials / Transportation
Location: New York
The Employee Stock Ownership Plan (“ESOP”) purchased 100% of the common stock of the Company in a leveraged ESOP recapitalization.
The Company is the Northeast’s premier regional less-than-truckload (“LTL”) carrier, providing exceptional pickup and delivery service to the New York metropolitan area. The Company operates over five hundred pieces of equipment through a network of five service centers within a 75 mile radius of midtown Manhattan.
Pendo Advisors, LLC served as independent financial advisor to the trustee of the ESOP and provided a fairness opinion in connection with the transaction.