Brokerage M&A

Indianapolis-based 3PL FitzMark inks 7th acquisition

Third-party logistics provider FitzMark said Wednesday it has acquired truck broker GTO 2000.

Gainesville, Georgia-based GTO 2000 focuses primarily on temperature-controlled truckload transportation. The nearly 50-year-old company boasts a network of more than 14,000 carriers, which also provide dry van, flatbed, expedited, intermodal and less-than-truckload transportation.

Financial terms of the transaction were not provided.

“Adding to our knowledge and experience in the refrigerated vertical,...

Direct Connect Logistix acquires Performance Logistics

DCL acquires Performance Logistics

Temperature-controlled 3PL Direct Connect Logistix (DCL) announced Monday that it has acquired Performance Logistics.

Both companies primarily serve the food and beverage industries.

Founded in 2015, Draper, Utah-based Performance Logistics provides time- and temperature-sensitive 3PL services. The deal will add the Mountain West to DCL’s largely Midwest presence. The combination will result in a larger network of carrier capacity, which is expected to provide incremental brokerage revenue...

https://www.freightwaves.com/news/direct-connect-logistix-acquires-performance-logistics

Trinity Logistics expands territory with Team Eagle Logistics acquisition

Trinity Logistics adds Western brokerage office

Third-party logistics provider Trinity Logistics announced Monday it has acquired Team Eagle Logistics. Financial terms of the transaction were not disclosed but a press release said that Team Eagle Logistics, an Arizona-based broker, has grown annual revenue to $53 million since it was founded in 2014.

The deal brings Trinity its seventh regional office and expands its footprint in the West.

Delaware-based Trinity is regarded as a top-20 brokerage. It provides truckload, less-than-truckload,...

https://www.freightwaves.com/news/trinity-logistics-expands-territory-with-team-eagle-logistics-acquisition

F3 chat: FreightTech, M&A strategies and other brokerage transformations

This fireside chat recap is from Day 2 of FreightWaves’ F3 Virtual Experience. 

FIRESIDE CHAT TOPIC: How a hybrid tech strategy leads to success

DETAILS: FreightWaves CEO Craig Fuller talks with CarrierDirect CEO Peter Renstchler on technology trends in the brokerage industry, the 3PL M&A environment and changing growth strategies to reach maximum value.

INTERVIEWER AND SPEAKER: Craig Fuller, founder and CEO of FreightWaves, and Peter Rentschler, CEO of CarrierDirect.

BIO: Rentschler is the CEO of...

https://www.freightwaves.com/news/f3-chat-freighttech-ma-strategies-and-other-brokerage-transformations

Done deal: ArcBest closes on MoLo; $235 million initial price tag

ArcBest will now have 70,000 carriers on its platform

ArcBest announced Monday that it closed on the acquisition of Chicago-based truckload brokerage MoLo Solutions. The acquisition price included a $235 million upfront cash payment plus the potential for future earnout payments that could exceed the initial amount.

At $600 million in projected 2021 revenue, the MoLo deal advances ArcBest’s (NASDAQ: ARCB) goal to increase its asset-light operations to a level that is on par with its asset-based trucking unit. The deal will increase ArcBest’s...

https://www.freightwaves.com/news/done-deal-arcbest-closes-on-molo-235-million-initial-price-tag

Broker Echo Global Logistics exits on a high

Brokerages remain hot M&A targets

Freight broker Echo Global Logistics rides a hot transportation market one last time, publicly at least, to beat third-quarter estimates on Tuesday. The company reported adjusted earnings of 93 cents per share, 20 cents ahead of consensus and more than double the year-ago result of 40 cents.

Echo (NASDAQ: ECHO) announced in September that it entered into an agreement to be acquired by private equity firm The Jordan Co. in a deal that values Echo at $1.3 billion.

Echo’s consolidated revenue was up...

https://www.freightwaves.com/news/broker-echo-global-logistics-exits-on-a-high

Brokerage M&A continues: Cheema adds Walker Logistics to portfolio

Brokerages remain hot M&A targets

Cheema Logistics announced the acquisition of 3PL provider Walker Logistics on Tuesday.

Founded in 2003, Missoula, Montana-based Walker Logistics brokers dry van, flatbed, refrigerated, expedited and partial truckloads in the U.S. and Canada through a network of approved motor carriers. The group also provides less-than-truckload brokerage services.

Terms of the transaction were not disclosed.

“We are thrilled to have added the capabilities, customers and all employees of Walker Logistics to the...

https://www.freightwaves.com/news/brokerage-ma-continues-cheema-adds-walker-logistics-to-portfolio

ArcBest sees billions of dollars in opportunities with MoLo acquisition

ArcBest executing on two fronts

ArcBest (NASDAQ: ARCB) took a big step toward bridging the gap to a long-term goal Wednesday with the acquisition of Chicago-based truckload broker MoLo Solutions. The deal advances a key initiative for the Fort Smith, Arkansas-based logistics and less-than-truckload provider — to grow its asset-light operations to a level equal to its asset-based trucking unit.

MoLo’s $600 million in expected revenue for 2021 pushes ArcBest’s consolidated annual top line to $4.1 billion, with asset-light...

https://www.freightwaves.com/news/arcbest-sees-billions-in-opportunities-from-molo-acquisition

ArcBest to acquire MoLo for $235M, potential for future earnout

ArcBest builds out brokerage in deal for MoLo

ArcBest (NASDAQ: ARCB) announced Wednesday after the market close it is acquiring Chicago-based truckload broker MoLo for $235 million in cash upfront with a potential earnout based on adjusted EBITDA targets from 2023 through 2025.

MoLo is expected to generate revenue of approximately $600 million in 2021 and will double ArcBest’s platform to 70,000 carriers. The deal will make ArcBest a top-15 truck broker in the U.S.

The deal is expected to deliver earnings accretion, excluding...

https://www.freightwaves.com/news/arcbest-to-acquire-molo-for-235m-potential-for-future-earnout

FitzMark acquires Fetch Logistics; third deal of 2020

FitzMark inks third deal of 2020

Indianapolis-based third-party logistics provider FitzMark announced Tuesday the acquisition of Fetch Logistics. The deal expands FitzMark’s network to five brokerage offices with 225 employees. Including Fetch, FitzMark projects consolidated revenue to be $300 million annually.

Financial terms of the transaction were not disclosed.

Founded in 1997, Fetch Logistics is based in Buffalo, New York, and provides third-party truckload, less-than-truckload and intermodal brokerage services throughout...

https://s29755.pcdn.co/news/fitzmark-acquires-fetch-logistics-third-deal-of-2020