True Fit partners with Demandware for turnkey recommendations
Waltham, Mass. – Personalization software company True Fit has become a Demandware Link Technology Partner. Through the Link Technology Partner Program, True Fit has developed a pre-built integration between its fit technology platform and Demandware Commerce.
This integration enables turn-key implementation of True Fit’s personal fit ratings and size recommendations for Demandware clients that is designed to boost consumer confidence, increasing conversions and lowering returns. True Fit manages a database of apparel, footwear, and consumer fit data for retailers and a network of more than 1,000 brands. By analyzing this big data set, True Fit provides consumers with personal fit and size recommendation.
“We’ve successfully implemented True Fit with several Demandware clients who are seeing exciting results as consumers become more confident in their purchase choices,” said William Adler, CEO of True Fit. “This new partnership makes it even easier for other Demandware clients to effortlessly implement True Fit on their sites to start getting the benefits of leading fit personalization.”
XPO Logistics to acquire largest Web-based expediter in North America
XPO Logistics has entered into a definitive agreement with Landstar System to acquire NLM, the largest provider of Web-based expedited transportation management in North America.
A second technology product, A3i, is included in the planned acquisition. The acquisition is expected to be immediately accretive to earnings, exclusive of any synergies with the company’s existing expedite business.
NLM is the market leader for Web-managed services for the expedite sector, where freight typically needs to be moved within a short timeframe and with absolute reliability. NLM’s proprietary online auction system allows carriers to bid on loads that are then awarded electronically, generating a transaction management fee for NLM.
The purchase price is $87 million in cash, subject to working capital adjustment. The company expects to acquire at closing between $10 million and $13 million in cash. The transaction is expected to close by mid-January 2014, subject to Hart-Scott-Rodino clearance and customary conditions. The company intends to fund the transaction with available cash on hand, including the acquired cash, and its ABL facility.
For the trailing 12 months through November 2013, NLM managed approximately $500 million of gross total transportation spend and generated $9.8 million of adjusted EBITDA on $23.4 million of transaction management fee revenue.
"The addition of NLM, the largest web-based expediter in North America, will give us an entry into managed transportation — an area of logistics that has been of keen interest to us for some time,” said Bradley Jacobs, chairman and CEO of XPO Logistics. “We’ll use NLM to build on our position as a top five expediter by providing customers with precise, Web-based capabilities for the bidding, scheduling, shipping and tracking of freight. With the close of this transaction, we’ll be facilitating more than 20,000 deliveries a day company-wide."
EVE Partners is serving as adviser to the company’s board of directors on the NLM transaction.
RadioShack obtains $835M in financing
Fort Worth, Texas – RadioShack has completed a new financing totaling $835 million. That figure includes a $535 million credit facility led by GE Capital, Corporate Retail Finance and a $250 million secured term loan led by Salus Capital Partners, LLC.
This comprehensive new financing will be used to refinance existing debt and provide approximately $200 million of incremental liquidity, which Radio Shack says will help strengthen its balance sheet as it continues plans for an operational turnaround. Radio Shack now has approximately $625 million dollars of debt outstanding. Peter J. Solomon Company acted as financial advisor to RadioShack on the new financing.
"In July, we outlined the five pillars of our turnaround plan: reposition the brand, revamp the product assortment, reinvigorate the store experience, operational efficiency and financial flexibility,” said Joseph C. Magnacca, CEO. “This new financing fulfills the last pillar and provides the financial flexibility and ample runway to turn this business around. We are pleased to have a consortium of leading finance companies partner with us and participate in this new financing.”