Mar 29, 2010 9:38 AM
Greatwide Logistics Services, a national provider of third-party logistics services, has completed its transformation after a financial restructuring to become one of the industry’s leading integrated logistics and transportation providers. Since its 2008 restructuring, Greatwide has evolved from a company facing significant financial challenges to one with a debt-to-equity ratio of .72—among the lowest in the industry.
The company, now servicing 12 of the nation’s largest retailers and distributors, was purchased in February 2009 by affiliates of Centerbridge Partners, a private investment firm, and other investors, including The D E Shaw Group. With that foundation, Greatwide is moving forward as a financially solid company focused on growth.
“Our initial strides in 2009 brought us excellent progress, and now—with this transformation complete—we have a clear and focused agenda to continue on that path,” said Leo Suggs, chairman of the board and chief executive officer, Greatwide Logistics Services.
Under its new strategic plan, Greatwide is positioning itself for growth with new technology and processes, and a focus on several key capabilities: Dedicated, Brokerage, and Warehousing, that are all enhanced by combined systems enabled by its Managed Transportation Services offering. While the company’s core capability areas used to operate relatively independently, it is now working toward combining functionalities across business areas to create integrated services for customers.
“While 2009 was a challenging year in our industry, we saw it as a prime opportunity to analyze how best to serve the evolving needs of customers in our sector,” said Suggs. “Through that process, we’ve streamlined everything we do, and focused on developing innovative solutions in order to provide the best customer experience possible.”
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