Romulus, MI – United Road, in partnership with its owners, The Carlyle Group (NASDAQ: CG) and other investors, today announced the acquisition of Team Drive-Away (TDA) and its affiliates Driveaway USA and Fr8 Management from CID Capital. Based in Olathe, Kansas, TDA is a national non-asset-based commercial vehicle logistics provider specializing in matching professional drivers with moves of used and new heavy-haul Class 8 trucks for sellers and buyers as well as moves to reposition and optimize fleets. TDA handles 20,000 vehicles annually via a national network of more than 500 independent contractors. Together with TDA, United Road, the largest, most diversified finished vehicle logistics provider in North America, will move over four million new, used and specialty vehicles in 2019. TDA headquarters will remain in Kansas.
“Team Drive-Away is a natural fit for United Road that further diversifies our business,” said Mark Anderson, President and CEO of United Road. “TDA is a customer-driven business that brings new heavy haul capabilities to United Road. Its asset-light business model of partnering with trusted independent contractors combined with our geographic territories will bring new opportunities and new customers to our combined enterprise.”
TDA’s non-asset based business model means neither TDA nor its independent contracted drivers own or lease any trucks. Transporting heavy equipment such as trucks, utility vehicles, or fire trucks is a specialty business. Class 8 heavy haul vehicles weigh 33,000 pounds or more compared to SUVs at 6,000 pounds. TDA’s skilled contractors transport loads as singles, multi-level platform decks or tow-behind booms.
“Team Drive-Away and its affiliates are known, respected providers in the heavy vehicle drive-away space,” explained United Road’s Executive Chairman, Kathleen McCann. “Welcoming TDA to United Road expands our vehicle transport solutions, giving us the ability to move vehicles of every type, from light cars to heavy trucks, always with a commitment to doing so on-time, safely and damage-free.”
Headquartered in Romulus, Michigan, United Road provides finished vehicle transport and logistics services from 90 locations throughout the U.S. and Canada. Combined, United Road and Team Drive-Away serve a broad range of customers, including manufacturers, resellers, commercial fleets, municipalities, rental agencies, dealers, auctions, web-based logistics firms and individuals, among others. United Road has been a holding of The Carlyle Group’s U.S. Equity Opportunity Fund II since 2017.
Team Drive-Away was founded in 2007 and acquired by CID Capital in 2015. TDA and its affiliates, Driveaway USA and Fr8 Management, employ 45 professionals.
Financial details regarding the Team Drive-Away transaction were not disclosed.
“We are excited to welcome Team Drive-Away’s talented professionals to the United Road family,” said Anderson. “Diversifying our services further enhances our ability to support our customers’ vehicle logistics needs. It also creates significant opportunity for our people, contractors and investors. Our two businesses are strongly aligned and we’re looking forward to a successful future together.”
