February 20, 2009
Estes to make major investment in transportation industry real estate
Richmond, VA—Estes announced today that it has entered into real estate contracts with YRC Worldwide subsidiaries YRC Inc., USF Reddaway, Inc., and USF Holland Inc., to buy and simultaneously lease back facilities located throughout the U.S. The total investment could be as much as $122 million. This move gives Estes the ability to grow its investment network of real estate properties.
Estes and YRC have a long-standing history of cooperation in the less-than-truckload (LTL) arena. The YRC logistics business unit uses Estes as a transportation service provider for its clients in the ordinary course of business. “We have also worked with YRC over the years on many real estate transactions that have included the buying, selling and leasing of properties, which is common practice in the LTL industry,” said Estes’ Director of Real Estate and Economic Development, Angela Maidment. “This is a continuation of that mutually beneficial relationship, and now is a great time for us to make this kind of long-term investment.”
Richmond, VA-based Estes is a full-service transportation provider offering coast-to-coast North American coverage. Founded in 1931 by W.W. Estes, the company is still owned and operated by the Estes family. During the past 78 years, Estes has grown from a small, local carrier into one of the most respected multiregional, less-than-truckload and truckload transportation systems in the country. Estes employs over 12,500 people and utilizes an inventory of more than 30,000 pieces of power equipment and trailers. With a network of 200 terminals, the company offers direct service to all 50 states, Puerto Rico and the Caribbean, all 10 Canadian provinces and virtually all of Mexico. More information about Estes' core services and coverage network is conveniently available on www.estes-express.com.