GRAND RAPIDS — A West Michigan-based trucking firm that grew out of the bankruptcy of Gainey Corp. has new owners.
Private equity firm Wayzata Investment Partners LLC has sold Grand Rapids-based Super Service LLC to J&R Schugel Inc., a transportation services company headquartered in New Ulm, Minn.
Terms of the deal were not disclosed. However, the employee-owned J&R Schugel plans to convert Super Service to an employee-ownership model for eligible drivers and non-driving employees, according to a statement.
The company also said it expects to “replace the existing Super Service fleet with hundreds of trucks and trailers” over the next several months.
“We are excited about the growth opportunities this allows for our business and employees in our combined locations,” President Dan Denhof stated.
A company spokesperson said it was too early to comment on what effect the deal would have on Super Service operations at its Grand Rapids headquarters.
According to trade publication Transport Topics, New Ulm, Minn.-based J&R Schugel operates with some 600 trucks and maintains terminals at its headquarters plus Columbus, Ohio and Tomah, Wis.
Super Service primarily offers regional hauling, dedicated trucking and logistics services east of the Mississippi River. It operates from facilities in Grand Rapids, Somerset, Ky., Ellenwood, Ga. and Lakeland, Fla.
Since its creation in 2009, Super Service was owned by Wayzata Investment Partners of Wayzata, Minn.
The private equity firm that specializes in distressed deals bought Gainey Corp. at a bankruptcy auction in 2009 for $77.8 million and merged with the affiliated GTS Transportation to form Super Service.
Gainey Corp., which at one time generated $400 million in annual revenues, filed for bankruptcy after Wachovia Bank sued during the height of the financial crisis in 2008, alleging the company defaulted on $238 million in loans, according to local reports at the time.