”New” company formed through acquisition of YRC Logistics
OVERLAND PARK, KS, August 16, 2010–MIQ Logistics, formerly YRC Logistics, is entering the market as a “new” company, following completion of the sale of the company by YRC Worldwide Inc. to Austin Ventures. MIQ Logistics specializes in international freight forwarding, customs brokerage, transportation management, truckload services, and dedicated warehouse and fulfillment services in North America, Latin America, Europe and Asia.
“MIQ Logistics carries forward the people, client focus and services of YRC Logistics,” says John Carr, president and chief operating officer. “Added to that, we have the solid financial backing of Austin Ventures to invest in expanding our offerings and continuing the development of our global network.”
Carr explains that the name MIQ Logistics draws from the company’s heritage. “Many remember us as ‘MIQ,’ and recall our successful, rapid growth to over a billion dollar organization. We want our new company to build on that strong reputation with a commitment to service and flawless execution. The new MIQ Logistics is prepared with the depth of experience and breadth of services needed to improve the overall performance of our clients’ supply chains.”
David Lack, partner with Austin Ventures, adds, “Austin Ventures is looking forward to embarking on this next step and partnering with management to build upon the successful history of YRC Logistics. We are committed to growing and expanding the business.”
MIQ Logistics employs over 1,500 logistics professionals in Asia, Europe, North America and South America. Along with its global network partners, the company provides services in and between more than 80 countries.
About MIQ Logistics
MIQ Logistics is a global logistics company headquartered in Overland Park, Kansas and with offices in North America, Asia, Europe and South America. MIQ Logistics enables companies to improve their transportation network and overall supply chain efficiency by offering flexible logistics solutions supported by latest Web-native technology and global logistics management capabilities.
About Austin Ventures
Austin Ventures (“AV”) has worked with talented entrepreneurs to build valuable companies for over twenty-five years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With a long-term investment perspective, AV focuses on business services and supply chain, financial services, media and information services, software and Internet, and Texas special situations. AV invests at all stages of company development, from $100,000 in “planned experiments” in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. AV has been an active investor in the transportation and logistics and continues to actively expand its presence in the space. Visit austinventures.com for more information.