Greatwide Completes Acquisition by Centerbridge Partners and Other Investors

February 20, 2009

DALLAS (February 20, 2009) - Greatwide Logistics Services, a national provider of non-asset-based transportation and third-party logistics services, today announced the completion of the acquisition of Greatwide by affiliates of Centerbridge Partners, a leading private investment firm, and other investors, including affiliates of The D. E. Shaw Group.

Raymond B. Greer, President and Chief Executive Officer of Greatwide, said, "With the successful completion of this transaction, Greatwide is now a financially stronger company poised to meet the challenges of today's marketplace. We are now better positioned than ever to serve our customers and to prudently pursue growth opportunities. The quick pace of the sales process is a testament to our loyal employees, our dedicated customers and vendors and the strong relationship we have with our new owners. We at Greatwide are energized and excited about continuing our operations and growing under new ownership."

As part of the transaction, Leo Suggs will become Chairman of Greatwide. Mr. Suggs, the former President of UPS Freight, has devoted almost 50 years of his life to the trucking industry. He was the Chief Executive Officer of Overnite Transportation and instrumental in taking the Company public in 2003 and selling the Company to UPS in 2005.

Leo Suggs, Chairman of Greatwide, said "I'm excited to be joining a world class organization that has now combined the strong competitive advantages of the Greatwide business model with the financial flexibility to thrive. With the restructuring complete, I am eager to spend my time helping the Company strengthen its already superior track record of customer service, safety and now sustained profitability"

Will Manuel, Senior Managing Director of Centerbridge, said, "As long term strategic equity investors we have for a long time sought a controlling equity investment in Greatwide, a company we believe has tremendous prospects. With the capital structure now successfully restructured, Greatwide has the resources necessary to prosper, and we look forward to working with management as a principal owner of Greatwide."

Greatwide also announced that it has entered into a $95 million credit facility from Bank of America, Wachovia and PNC.

Greatwide was advised by Willkie Farr & Gallagher (legal counsel) and Miller Buckfire (investment banker). Loughlin Meghji + Co. also served as a Greatwide advisor.

Centerbridge was advised by Latham & Watkins (legal counsel) and Centerbridge and other investors were advised by Houlihan Lokey (investment banker).


About Greatwide Logistics Services
Founded in Dallas, Texas in 2000, Greatwide Logistics Services is a privately held, $1 billion third-party logistics services company. The company is ranked No. 22 on the Commercial Carrier Journal 250 and No. 24 on the Traffic World Top 100 lists. The company has four primary lines of business: dedicated transport, truckload management, freight brokerage and distribution logistics. Greatwide is one of the nation's leading non-asset-based logistics providers of transportation, third-party logistics, warehouse/distribution and freight brokerage solutions. For more information, visit www.greatwide.com.

About Centerbridge
Centerbridge Partners was established in 2006 and currently has approximately $7.2 billion in capital under management across two funds. The firm is dedicated to partnering with world class management teams to invest across multiple stages of a Company's life cycle and to employ various strategies to help companies achieve their operating and financial objectives. Centerbridge's limited partners include many of the world's most prominent financial institutions, university endowments, pension funds, and charitable trusts.

Contact:
Dick Metzler
Greatwide Logistics Services
972-682-2250