2007-05-21 8:15 AM
Over its 30-year history, Clark has built a position as the leading independent provider of value-added distribution, transportation management, and international air and ocean freight forwarding services to the print media industry. The Company's asset-light business model has enabled Clark to increase revenues and EBIT while requiring minimal capital investment. In 2006, Clark generated revenue of $77 million.read more >>> view press release.
NEW YORK, May 21 /PRNewswire-FirstCall/ -- Global Logistics Acquisition Corporation ("GLAC"), a specified purpose acquisition corporation (a SPAC), today announced that it has reached a definitive agreement to acquire The Clark Group, Inc. ("Clark"), a closely held provider of mission- critical supply chain solutions to the print media industry, for $75 million.
Under terms of the agreement, GLAC will acquire Clark, based in Trenton, NJ, for $72.5 million of cash and issue 320,276 shares to certain shareholders. Clark is majority owned by members of the Anderson family and
individuals associated with Anderson companies. The transaction is subject to the review of the Securities and Exchange Commission, shareholder approval, and other customary closing conditions. Assuming conditions are met, GLAC anticipates completing the transaction in the third quarter of 2007.Over its 30-year history, Clark has built a position as the leading independent provider of value-added distribution, transportation management, and international air and ocean freight forwarding services to the print media industry. The Company's asset-light business model has enabled Clark to increase revenues and EBIT while requiring minimal capital investment. In 2006, Clark generated revenue of $77 million.read more >>> view press release.
