Daily News: February 19, 2014

PNC Provides United Road ABL to Fund Waggoner Acquisition

PNC Bank announced the closing of a $50 million asset-based loan for United Road Services, a portfolio company of Charlesbank Capital Partners. The transaction also includes treasury management services. The company is using the funds to acquire the Auto Transport Division of Waggoner Trucking, of Billings, MT.

This deal represents an addition to PNC’s existing relationship of a $70 million facility with United Road.

Based in Romulus, MI, United Road is a provider of vehicle transport and logistics throughout the U.S.