Trucking company Arkansas Best Corp will buy Panther Expedited Services from private equity firm Fenway Partners for $180 million including debt to enhance its logistics offering.

Arkansas Best said the deal will add to its earnings from the third quarter.

Panther provides transport services via ground, air and ocean shipping. It does not own any trucks but runs on an owner-operator structure in which truckers drive their own trucks for Panther in return for a percentage of revenue.

In 2011, the company reported revenue of $215 million and adjusted EBITDA of $24 million.

Reuters had reported that Panther was exploring a sale, after cancelling IPO plans.

Arkansas Best, XPO Logistics and private equity firms Jordan Co and MidOcean Partners had made offers for Panther, sources told Reuters in May.

New York-based Fenway invested in Panther in 2005. It recently sold eyewear retailer 1-800 Contacts Inc to WellPoint Inc for $900 million.

Arkansas Best will fund the acquisition with $80 million in cash and a five-year $100 million senior secured term loan, the company said in a statement on Thursday.

Arkansas Best was advised by Stifel Nicolaus Weisel while J.P. Morgan advised Fenway and Panther.

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