June 29, 2010 (FinancialWire) — YRC Worldwide Inc. (NASDAQ: YRCW) said it has entered into a definitive agreement to sell a portion of its YRC Logistics business to Austin Ventures, a strategic private equity investor.

This logistics business will operate as a private company owned by Austin Ventures.

According to YRC, the sale will form the basis for a new company specializing in international freight forwarding, customs brokerage, transportation management, truckload services, and dedicated warehouse and fulfillment services in North America, Latin America, Europe and Asia.

Bill Zollars, CEO of YRC Worldwide, said, "This transaction enables YRC Worldwide to focus on our core transportation capabilities while continuing to offer full global logistics solutions for our customers through a strong business relationship with the new company."

YRC Worldwide will retain all of its China-based operations and the strategic partnership with Austin Ventures gives customers of the new logistics company ongoing access to these capabilities.

Texas-based Austin Ventures has $3.9 billion under management, with an investment focus on business services and supply chain, financial services, media and information services, software and internet, and what it calls, “Texas special situations.”

Kansas-based YRC Worldwide is a transportation service provider and the holding company for a portfolio of brands including YRC, YRC Reimer, YRC Glen Moore, New Penn, Holland and Reddaway.

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