William B. Cassidy | Dec 01, 2010 4:49PM EST
Same-day carrier Dynamex accepted a sweetened acquisition offer of $238 million from Greenbriar Equity Group, turning down a rival offer from an unnamed suitor.
Greenbriar upped its offer for Dynamex from an initial $210 million. The deal will add Dynamex to Greenbriar's $1.5 billion portfolio of transportation investments.
Dallas-based Dynamex is a publicly held company with $10.7 million in net profit on $406.5 million in revenue in its fiscal year that ended July 31.
Dynamex's profit leaped 55 percent year-over-year in the quarter that ended July 31. It earned $2.8 million on $105 million in revenue in that period.
Greenbriar's rival for Dynamex may have been Canadian transport giant TransForce, according to a report in Canada's The Globe and Mail newspaper.
Dynamex sources 38 percent of its sales in Canada -- roughly $154 million in its last fiscal year, up 6.8 percent from the previous year.
-- Contact William B. Cassidy at wcassidy@joc.com.
