Greenbriar to Buy Dynamex for $210 Million

Greenbriar to Buy Dynamex for $210 Million

Greenbriar Equity Group will buy same-day domestic ground and air freight specialist Dynamex for approximately $210 million.

The deal will add Dynamex to Greenbriar’s $1.5 billion portfolio of transportation investments, which include air cargo, rail equipment and logistics businesses.

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.

The transaction announced Friday must be approved by Dynamex shareholders.

The proposed purchase price of $21.25 a share is an almost 40 percent premium over the company’s stock value Sept. 30.

Dynamex’s profit grew 55 percent year-over-year in its last quarter, and it has no long-term debt.

<http://www.joc.com/trucking/dynamex-boosts-profit-55-percent-improves-liquidity>

“Greenbriar is a growth-oriented, industry-focused investment firm that will support the team at Dynamex as we continue to execute our strategy,” said James Welch, president and CEO of Dynamex and a former YRC Worldwide executive.

The partnership will provide “continuity” for Dynamex employees and customers, and access to capital and other strategic resources, Welch said.

Contact William B. Cassidy at wcassidy@joc.com