UTi Worldwide acquires Unigistix in Canada
UTi Worldwide Inc., a Rancho Dominguez, Calif.-based provider of integrated logistics services, has bought Unigistix Inc., a Canadian third-party logistics provider based in Toronto.
UTi acquired privately held Unigistix from its principal shareholders, including lead investor Wynnchurch Capital Partners, for an upfront cash payment of C$93.5 million ($74.5 million).
The agreement includes potential additional payments over a two-year period of up to approximately $4.8 million (C$6 million) for an earn-out based on the anticipated future growth of Unigistix, which operates with an annual net revenue of $27.9 million (C$35 million).
Unigistix, which has 290 employees, was founded by Chicago-based Wynnchurch Capital Partners. Michael Dunlop, president and chief executive officer of Unigistix, will remain in his position, according to Roger I. MacFarlane, chief executive officer of UTi Worldwide.