Fenway Partners to Sell Panther Expedited Services to Arkansas Best Corporation for $180M
Fenway Partners today announced that it has entered into an agreement to sell Panther Expedited Services, Inc. to Arkansas Best Corporation (Nasdaq: ABFS) for approximately $180 million.
Peter Lamm, Co-Founder and Managing Partner of Fenway Partners, said, “During Fenway's ownership of Panther, we partnered with management to significantly grow and diversify the company's revenue base, broaden and deepen the management team, improve the customer value proposition, and increase earnings and domestic headcount. We transitioned Panther from the entrepreneurial stage to a professionally managed business, and are pleased that Arkansas Best, a very well respected transportation company, is making this strategic acquisition. This transaction comes on the heels of our very successful sale of 1-800 CONTACTS to WellPoint, reinforcing our ability to build businesses that are attractive to strategic acquirers. We look forward to continuing to deliver value to our investors.”
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