On September 30, 2024, Universal Logistics Holdings, Inc. (NASDAQ: ULH) announced its acquisition of Parsec, LLC, Parsec Intermodal of Canada ULC, and OB Leasing, LLC for $193.6 million USD (approximately $261.7 million CAD), subject to customary adjustments. Parsec was a leading provider of terminal management services for Class I, regional, and short-line railroads across North America, employing nearly 2,100 staff and offering operations at over 20 rail yards in the U.S. and Canada. The acquisition enhanced Universal's contract logistics segment, integrating Parsec’s expertise in container handling, crane and intermodal equipment repair, and other terminal services. For the 12 months ending August 31, 2024, Parsec had reported $230.2 million USD (approximately $311.4 million CAD) in operating revenues.

Universal’s CEO, Tim Phillips, stated that the acquisition strengthened their rail terminal services, expanded customer relationships, and increased revenues in their logistics segment to over $1 billion annually.

Dykema Gossett PLLC, Vistula PLC, and Torys LLP advised Universal legally, while Livingstone Partners acted as the exclusive financial advisor to Parsec, and Katz Teller provided legal counsel to Parsec.