transportation M&A

Freight market stabilization helping buoy M&A activity

This fireside chat recap is from FreightWaves’ Small Fleet and Owner-Operator Summit.

FIRESIDE CHAT TOPIC: An update on the transportation and logistics M&A landscape.

DETAILS: The transportation M&A market appears to have stabilized, said Spencer Tenney, president and CEO of M&A advisory firm the Tenney Group, at FreightWaves’ Small Fleet and Owner-Operator Summit.

KEY QUOTES FROM TENNEY:

On what prompted the slowdown in transportation M&A: “The freight market and then this accelerated sequencing...

https://www.freightwaves.com/news/freight-market-stabilization-helping-buoy-ma-activity

Enservco to acquire Buckshot Trucking for $5M

Oil and gas field services provider Enservco Corp. announced it has entered an agreement to acquire Buckshot Trucking for $5 million.

Founded in 2017, Buckshot provides hot shot, dedicated and less-than-truckload services to the oil and gas industry. It primarily serves the Rocky Mountain region but also has operations in North Dakota and Texas. The company’s website lists more than 100 customers.

The transaction is expected to diversify Enservco’s (NYSE: ENSV) business and provide revenue...

https://www.freightwaves.com/news/enservco-to-acquire-buckshot-trucking-for-5m

Trimac acquires bulk hauler Feldspar Trucking

Canadian bulk hauler Trimac announced it has acquired North Carolina-based carrier Feldspar Trucking.

Feldspar Trucking hauls bulk materials used in the production of glass and ceramics, such as sand, clay and feldspar. The 57-year-old North Carolina carrier has 60 company drivers and is listed with 61 power units by the Federal Motor Carrier Safety Administration.

The company also uses third-party carriers to haul freight for customers.

“Together and with the help of Feldspar’s leaders, we’re...

https://www.freightwaves.com/news/trimac-acquires-bulk-hauler-feldspar-trucking

TFI acquires LTL carrier Hercules Forwarding

TFI International announced the acquisition of less-than-truckload carrier Hercules Forwarding Monday after the market closed.

Hercules operates a 31-terminal network throughout the U.S. and Canada, focusing on intra-U.S. and U.S.-to-Canada shipments. The company has more than 210 trucks, nearly 600 trailers and approximately 75 containers, generating revenue of more than $100 million annually.

The nearly 40-year-old company has two headquarters: Vernon, California, and New Westminster, British...

https://www.freightwaves.com/news/tfi-acquires-ltl-carrier-hercules-forwarding

PS Logistics adds Yordy Transport to its flatbed fleet

PS Logistics said Monday its subsidiary Diamond State Trucking has acquired flatbed operator Yordy Transport.

Headquartered in Morton, Illinois, Yordy Transport was founded six years ago and has a fleet of 30 power units, according to Federal Motor Carrier Safety Administration data. It primarily moves railroad and building materials throughout the central and southeast U.S.

“This acquisition aligns nicely with our desire to partner with founder- or family-owned trucking companies that put their...

https://www.freightwaves.com/news/ps-logistics-adds-yordy-transport-to-its-flatbed-fleet

Forward Air’s Q4 call offers no financial targets after Omni merger

Forward Air’s fourth-quarter earnings call didn’t provide the financial targets analysts were seeking following its controversial merger with Omni Logistics. The main takeaway was the company’s disclosure that the combined entity was cash flow-positive during February without any significant help from cost or revenue synergies.

Forward (NASDAQ: FWRD) closed the acquisition of Omni on Jan. 25, more than three months behind schedule. Legal challenges from investors and Forward’s efforts to exit...

https://www.freightwaves.com/news/forward-airs-q4-call-offers-no-financial-targets-after-omni-merger

Investors await Forward Air’s Q4 call for post-merger goal posts

Forward Air missed fourth-quarter expectations Wednesday after the market closed, however, investors and analysts are likely more interested to hear updates on financial targets and the new management structure following the closing of a messy merger with Omni Logistics.

Forward (NASDAQ: FWRD) finally closed on the acquisition of Omni Logistics last month after it attempted to terminate the deal following legal challenges from shareholders. As it sought out of the transaction, Forward alleged...

https://www.freightwaves.com/news/investors-await-forward-airs-q4-call-for-post-merger-goal-posts

Air Van acquires fellow 3PL G&C Cartage

Third-party logistics provider Air Van announced Monday it has acquired fellow Jacksonville, Florida-based company G&C Cartage.

Founded in 1971, G&C Cartage provides warehousing and transportation services to clients out of a lone facility with more than 35,000 square feet of space. The company recently underwent an overhaul, allowing it to reduce costs by more than one-third while doubling profitability.

Financial terms of the transaction were not provided.

Air Van said the additional space will...

https://www.freightwaves.com/news/air-van-acquires-fellow-3pl-gc-cartage

Kenan Advantage Group acquires plastic resins hauler

Kenan Advantage Group (KAG) said Monday it has acquired Northern Dry Bulk for an undisclosed amount.

Clare, Michigan-based Northern Dry Bulk primarily hauls and stores plastic resins used in the automotive, packaging and electronics industries. The carrier serves the U.S. and Canada out of two terminals with a fleet of 36 tractors and 91 trailers.

The company’s drivers, technicians and operations staff will now be part of KAG.

“The acquisition of Northern Dry Bulk establishes a definitive entrance...

https://www.freightwaves.com/news/kenan-advantage-group-acquires-plastic-resins-hauler

Jack Cooper-led bid for Yellow back on table

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A going concern bid for the remaining assets of bankrupt Yellow Corp. appears to be back on the...

https://www.freightwaves.com/news/jack-cooper-led-bid-for-yellow-back-on-table

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