Fulfilling customers' need for speed, Velocity Express specializes in same-day delivery services. The company offers scheduled pickup and delivery, distribution logistics (in which customers' shipments are sorted for delivery to multiple locations), and expedited delivery. Customers include retailers, office products manufacturers, pharmaceutical wholesalers, and other merchandise distributors. Velocity Express operates from approximately 80 warehouses and terminal facilities, and deliveries are made by independent contractor drivers. In early 2013, Velocity Express agreed to be acquired by TransForce, a large provider of transportation and logistics services based in Canada.
Change of Company Type
Velocity Express agreed to be acquired by TransForce, a large provider of transportation and logistics services based in Canada, in January 2013.
As customers slashed their shipping budgets due to the recession, Velocity Express struggled to continue to operate under a shaky balance sheet, weighted by $100 million in debt. In 2009 the company filed for Chapter 13 bankruptcy protection, emerging in November 2009 through a sale to ComVest Velocity Acquisition for $20 million. – less