OVERLAND PARK, Kan. — One of North America’s largest third-party logistics brokerage firms has acquired the contracts, personnel and equipment of struggling LTL carrier YRC’s Logistics’ Dedicated Contract Carriage division.

Greatwide Logistics Services of Dallas will immediately take on all customer contracts from the division, including customers in the grocery, steel and auto industries.

The $34 million deal will involve about 600 employees from YRC Logistics as well as 400 tractors and 800 trailers, generating annual revenue in the range of $65 to $75 million.

"This acquisition allows us to expand our capabilities to include flatbed dedicated service and apply our transportation management services expertise to new industrial shippers," said Raymond Greer, CEO of Greatwide Logistics Services.

According to YRC, the transaction, part of a company-wide strategic plan to avoid bankruptcy — will go toward paying down its revolving credit facility.

John Carr, president of YRC Logistics said the sale allows the company to focus on a "asset-light business model," which includes core offerings such as transportation, distribution and global services.

"We will fund this acquisition with an additional equity investment and will continue to support the company with additional investments to opportunistically pursue acquisitions that are consistent with Greatwide’s long-term strategic plan," said Will Manuel, senior managing director of Centerbridge Partners, which purchased Greatwide Logistics Services in February 2009.

"Post-acquisition, the company will continue to have no cash-pay debt on the balance sheet."

Despite the downturn in the global freight economy, Greatwide Logistics has been in acquisition mode recently. As part of its transactions earlier this year, the firm bought Gallop Logistics Corporation, a privately held freight brokerage company in Toronto.