U.S. Trucking Company

Situation Located in Atlanta, GA, the Company primarily provided over-the-road trucking services throughout the United States. At the time of GGG’s initial engagement in 2017, the Company employed approximately 160 people. Despite significant growth in earlier years, the Company had struggled more recently to stay ahead of larger competitor carriers that, due to size, allowed for more favorable freight rates and the attraction of better drivers. The Company began incurring significant losses and made the decision to leverage its balance sheet to fund growing losses. In addition, the Company relied significantly on broker services in its sales mix. Often as much as 70% of freight was sourced by brokers that [...]

2019-08-29T19:53:25+00:00 Trucking, Turnaround|

USA Dry Van

Situation USA had grown rapidly from 2 trucks to almost 600 trucks and roughly $100M in revenue in less than 10 years without the appropriate infrastructure and controls to support a larger business. Prior to GGG’s involvement, USA had sustained significant losses due to: Significant debt burden buying new tractors and trailers it did not need Unexpected fuel spikes Competitive pressure to decrease rates with customers Highly leveraged balance sheet across many lenders Other management issues including significant non-essential spending USA had made multiple attempts to restructure existing debt payments, refinance equipment, and bring in investors to help fund the business. In difficult times during the trucking industry, the Company appeared to be holding [...]

Summitt Trucking

Situation Summitt Trucking LLC (Summitt) is a privately owned and operated asset-based Transportation and Logistics Company.  Located in Clarksville, IN, they service an array of nationally-recognized shippers in both the refrigerated and dry van commodities. Prior to GGG’s involvement, Summitt was operating under chapter 11 bankruptcy and facing financial and operational distress. Action In early 2011 Summitt engaged GGG to restructure the business to enable them to emerge from Bankruptcy.   Due to GGG’s hands-on involvement, the company was able to rebuild lender confidence in financial controls and forecasting, as well as prove that there was a viable business that would be able to provide creditors with a better recovery over [...]

Private U.S. Trucking Company

Situation A private trucking company heavily entrenched in the automotive industry wanted to diversify to the general commodities business as the automotive industry started to deteriorate. Although they were making progress towards diversification, rumors of the impending GM bankruptcy were making the owners and their lenders nervous. The Company had revenues in excess of $100 million prior to its restructuring and was funding millions of dollars of losses. Company lenders were long-term partners, who leant based on general lines of credit that became over advanced as the Company become more leveraged over the years.  These lenders were seeking to place the Company in an asset based line with stricter covenants, to [...]

2017-11-25T16:23:49+00:00 Trucking, Turnaround|