The Board chair of the parent company to United Van Lines and Mayflower Transit, UniGroup, has stepped down as a transaction with a private equity company was abandoned in the middle of "disappointing" results.

The St Louis Business Journal reported that in his resignation letter, Charles McDaniel said that he was unable to continue to lead the Board with the same enthusiasm and energy. McDaniel’s resignation comes after UniGroup advised over 400 agent shareholders that they had ended a major transaction with a private equity firm after marketing the company to potentially interested parties in December 2023.

Following a second round of bidding with three parties in February, UniGroup selected a middle market private equity company as their primary choice. After a non-binding letter of intent was signed in April, the deal that would have allowed the private equity firm to take 70% ownership was ended after UniGroup’s June results and projections for the remainder of the year resulted in a significantly reduced offer and changed terms.

"We intend to continue to consider strategic alternatives, including acquisitions, divestitures, financings and other potential transactions toward maximizing value," said UniGroup in a letter explaining that "the best way to enhance shareholder value at this time is to continue to operate as a standalone business enterprise, while at the same time being keenly focused on improving operating and financial performance."

UniGroup has over 600 employees and reported revenue of $1.4 billion in 2022. In addition to United Van Lines and Mayflower Transit, the company also operates UniGroup Logistics.