trucking M&A

Knight-Swift builds out LTL network with $150M acquisition of MME

LTL networks in high demand

Knight-Swift Transportation (NYSE: KNX) announced Monday further expansion into the less-than-truckload market. The carrier acquired RAC MME Holdings, parent of LTL carrier Midwest Motor Express and truckload carrier Midnite Express, for $150 million in cash.

Bismarck, North Dakota -based Midwest Motor Express was founded in 1918 and operates 33 terminals (800 doors) throughout the Upper Midwest and Northwest. Through carrier partners like Pitt Ohio, Saia (NASDAQ: SAIA) and Southeastern Freight...

https://www.freightwaves.com/news/knight-swift-builds-out-ltl-network-with-150m-acquisition-of-mme

Wilson Logistics acquired by nation’s biggest furniture retailer

Ashley Furniture seeks to dodge supply chain woes by purchasing a carrier

Ashley Furniture confirmed to FreightWaves that it has entered into an agreement to acquire asset-based logistics provider Wilson Logistics. An affiliate of Ashley Distribution Services (ADS) inked the deal on Nov. 22.

Terms of the financial transaction were not disclosed. The deal remains subject to regulatory approval but is expected to close by the end of the year.  

Springfield, Missouri-based Wilson Logistics has a truckload fleet of over 1,200 trucks serving the western U.S. The...

https://www.freightwaves.com/news/wilson-logistics-acquired-by-nations-biggest-furniture-retailer

Paschall Truck Lines parent acquires dry van carrier TDC

Missouri-based TDC acquired by Paschall Truck Lines

Paschall Truck Lines parent Interstate Personnel Services (IPS) announced Thursday the recent acquisition of dry van carrier Transport Distribution Co. (TDC) and a related business.

Founded in 1985, Joplin, Missouri-based TDC provides regional service in the central U.S., including the Midwest. The carrier has a fleet of 141 power units, according to the Federal Motor Carrier Safety Administration.

“TDC’s regional coverage, focus on safety, providing high level service, disciplined management...

https://www.freightwaves.com/news/paschall-truck-lines-parent-acquires-dry-van-carrier-tdc

Midwest Carriers acquires booze hauler Osborn & Son Trucking

Two Wisconsin-based carriers join forces

Midwest Carriers announced Tuesday that it recently acquired refrigerated hauler Osborn & Son Trucking.

Fond du Lac, Wisconsin-based Osborn & Son operates a fleet of 21 tractors and 60 trailers out of its consolidation facilities in New Jersey and Illinois. The company was founded in 1898 and more recently has focused on alcohol transportation and logistics.

“Their 123-year history is a testament to the Osborns’ success and their vast knowledge of the trucking industry,” Eric Van Handel,...

https://www.freightwaves.com/news/midwest-carriers-acquires-booze-hauler-osborn-son-trucking

Heartland Express: Q2 in line despite revenue weakness

Heartland Express' cash balance grows as trucking M&A deals get bigger

North Liberty, Iowa-based truckload carrier Heartland Express reported an 8.1% year-over-year decline in second-quarter revenue (excluding fuel) Monday. Earnings per share were in line with analysts’ expectations at 26 cents.

Even with the top-line weakness, Heartland Express (NASDAQ: HTLD) recorded 330 basis points of operating ratio improvement when compared to the prior year. The 79.7% adjusted OR was driven in part by increased gains on the sale of revenue equipment. Gains were $4.6 million...

https://www.freightwaves.com/news/heartland-express-q2-in-line-despite-revenue-weakness

Knight-Swift deal shows the value in owning an LTL

Trucking's latest mega deal mixes modes

For the second time this year, a truckload-centric transportation company has acquired a less-than-truckload carrier.

Canadian TL and logistics outfit TFI International (NYSE: TFII) announced the $800 billion acquisition of UPS Freight (NYSE: UPS) in January. Last week, the biggest TL carrier in the nation, Knight-Swift Transportation, inked a $1.35 billion deal for regional LTL carrier AAA Cooper Transportation.

What’s so intriguing about the LTL space that warrants the significant investment...

https://www.freightwaves.com/news/knight-swift-deal-shows-the-value-in-owning-an-ltl

Bulk carrier Trimac acquires California-based cement hauler

Trimac adds to fleet through acquisition again

Canadian bulk carrier Trimac Transportation announced late Monday the acquisition of Southern California cement hauler Double Eagle Transportation.

Based in Hesperia, California, family-owned Double Eagle operates a fleet of 96 tractors and 124 dry bulk pneumatic trailers. With 132 employees, 105 of which are drivers, the nearly 20-year-old company also transports fly ash, gypsum, lime, limestone and sand throughout California and Nevada.

Terms of the deal were not announced.

“We are thrilled to...

https://www.freightwaves.com/news/bulk-carrier-trimac-acquires-california-based-cement-hauler

Trucking M&A deals getting bigger; Knight-Swift takes on LTL

Investment dollars continue to roll into LTL market

Big truckload M&A deals are starting to roll in for the publicly traded carriers. After months of management teams saying they would look to deploy their strengthening balance sheets on accretive acquisitions, the fruit is finally shaking loose from the tree.

Less than a week after Werner Enterprises (NASDAQ: WERN) announced it had acquired a couple of regional carriers in a $142 million deal with ECM Transport, the nation’s largest TL carrier Knight-Swift Transportation (NYSE: KNX) made a big...

https://www.freightwaves.com/news/trucking-m-knight-swift-takes-on-ltl

Knight-Swift enters LTL arena with $1.35B acquisition of AAA Cooper

Knight-Swift acquires AAA Cooper in $1.35 billion deal

The nation’s largest truckload carrier, Knight-Swift Transportation (NYSE: KNX), announced Tuesday it has acquired less-than-truckload carrier AAA Cooper Transportation in a transaction with an enterprise value of $1.35 billion.

Dothan, Alabama-based AAA Cooper is expected to generate full-year 2021 revenue of $780 million, $140 million in earnings before interest, taxes, depreciation and amortization (EBITDA) and $80 million in operating income. The deal is expected to add 13 cents per share to...

https://www.freightwaves.com/news/knight-swift-enters-ltl-arena-with-1-35b-acquisition-of-aaa-cooper

Hirschbach Motor Lines acquires fellow refrigerated carrier Lessors

Hirschbach expands its temperature-controlled operations

Refrigerated carrier Hirschbach Motor Lines announced Wednesday that it has acquired Eagan, Minnesota-based carrier Lessors Inc.

The acquisition of Lessors, also a temperature-controlled operator with approximately 200 drivers and nearly 300 power units, brings the Hirschbach fleet to 2,400 drivers and owner-operators and more than 3,500 trailers.

Financial terms of the transaction were not disclosed. Lessors was represented by Transport Capital Partners.

“We’re very excited to welcome the Lessors...

https://www.freightwaves.com/news/hirschbach-motor-lines-acquires-fellow-refrigerated-carrier-lessors

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