Centerbridge Closes on Greatwide

Private investment firm Centerbridge Partners completed its purchase of Greatwide Logistics Service in a restructuring that's expected to reduce the debt of the $1 billion logistics company by $478 million.

As part of the transaction, former UPS Freight President Leo Suggs will become chairman of Greatwide. Suggs had been the long-time CEO of Overnite Transportation, which he took public in 2003 before selling the company to UPS in 2005.

"With the successful completion of this transaction, Greatwide is now a financially stronger company poised to meet the challenges of today's marketplace," said Raymond B. Greer, President and CEO Greatwide.

"We are now better positioned than ever to serve our customers and to prudently pursue growth opportunities. The quick pace of the sales process is a testament to our loyal employees, our dedicated customers and vendors and the strong relationship we have with our new owners."