The biggest names in private equity dealmaking will be coming together Thursday in New York for the one-day Benesch private equity conference, in a market that despite the easing freight recession has held up as measured by volume.
The transportation group of the Benesch law firm holds the conference every year soon after Thanksgiving. Virtually every key dealmaker in the logistics space attends, and the lineup is always filled with speakers who are in the middle of logistics deals that are...
Though most logistics companies are operating with reduced revenue and earnings, deals in the sector have not ground to a halt.
One recent deal was significant enough that the Tenney Group, one of the leading transaction advisers for logistics deals, saw fit to publicize it, calling it a “thoughtful” transaction between two companies dealing primarily in the refrigerated sector with a unique structure.
Under the deal, Ohio-based Dancer Logistics is being acquired for an undisclosed sum by FST...
https://www.freightwaves.com/news/logistics-deals-can-still-get-done-tenney-group-head-says
SAN DIEGO — Reducing risk at a brokerage is important, even more so now that so much private equity and so many asset-heavy carriers are hot for the space.
That message came through at a panel at the Transportation Intermediaries Association annual meeting, the first in three years. The panel’s relatively bland title was “Key legal issues between brokers and motor carriers,” but it was more like two panels in one.
The first part did discuss ways to mitigate risks, both legal and those a buyer...
How high rates are affecting congestion
January is over and Lunar New Year is just around the corner, but the ocean market has still shown no signs of cooling off. Port congestion is rampant, with 40 container ships at anchor in California’s San Pedro Bay on Monday, and this congestion is keeping spot rates “stratospheric,” says FreightWaves’ Andrew Cox during the Midday Market Update.
High rates mean U.S. importers will need to negotiate annual contracts during this spot rate boom, a boom that...
https://www.freightwaves.com/news/problems-continue-at-us-ports-midday-market-update
Transportation and logistics provider Cardinal Logistics announced Wednesday that it acquired last-mile delivery provider NRX Logistics.
The deal is expected to nearly double Cardinal’s annual final-mile deliveries to approximately 1.1 million. It also expands its high-touch delivery capabilities of heavy goods like furniture, appliances, bedding and exercise equipment.
Financial terms of the transaction were not disclosed. NRX generated $35 million in annual revenue prior to the announcement.
“Thi...
https://www.freightwaves.com/news/cardinal-logistics-acquires-final-mile-provider-nrx
Truckload carrier Fraley & Schilling has acquired KBT Enterprises, of Fishers, Indiana. KBT operates 33 tractors and 42 mostly pneumatic dry bulk trailers hauling bulk materials such as lime kiln dust, dry bulk cement and fly ash throughout Indiana and surrounding states.
Terms were not disclosed. Tenney Group, which specializes in mergers and acquisitions, advised the seller in the transaction.
Fraley & Schilling services all parts of the United States. The acquisition will help the company...
https://www.freightwaves.com/news/fraley-schilling-acquires-kbt-enterprises
National truckload carrier Titan Transfer has acquired dry van hauler JTL Carriers. Financial terms of the transaction were not disclosed. Transportation and logistics M&A advisory firm Tenney Group advised JTL on the deal.
Franklin, Wisconsin-based JTL Carriers is an asset-based, full TL carrier primarily serving the auto industry with a fleet of 75 tractors and 90 drivers.
Founded in 2000, Shelbyville, Tennessee-based Titan is a provider of freight transportation across the entire U.S. with a...
https://s29755.pcdn.co/news/titan-transfer-adds-jtl-carriers-to-portfolio
A countercyclical truckload (TL) mergers and acquisitions market appears to have developed, at least in comparison to broader M&A or even normal TL deal flow. During a virtual fireside chat at the FreightWaves Carrier Summit on Thursday, FreightWaves Chief Strategy Officer JT Engstrom and Spencer Tenney, president and CEO, Tenney Group, discussed the current interest in trucking deals.
Tenney Group is an advisory firm focused on M&A in the transportation industry.
Tenney said broader M&A activity...