Penske Logistics Acquires Black Horse Carriers, Inc.

Parsons Corporation Acquires BlackHorse Solutions, Inc.

July 6, 2021

Aerospace & Defense

Parsons Corporation completed the acquisition of BlackHorse Solutions, Inc. in a transaction valued at $203 million. The deal adds nearly 200 employees and expands Parsons' capabilities and product offerings in cyber, electronic warfare, AI/ML, and information dominance for Department of Defense and Intelligence Community customers.

Penske Truck Leasing Acquires Kris-Way Truck Leasing, Inc.

March 30, 2023

Transportation

Penske Truck Leasing has reached an agreement to acquire Kris-Way Truck Leasing, Inc., a New England-based transportation services company offering truck leasing, rental, maintenance and dedicated contract carriage. The deal will add Kris-Way's approximately 150 associates, over 900 vehicles and seven locations across Maine and New Hampshire to Penske's network; financial terms were not disclosed and closing was expected in Q2 2023 subject to customary approvals.

Penske Truck Leasing Acquires Star Truck Rentals, Inc.

April 26, 2023

Trucking & Fleet

Penske Truck Leasing agreed to acquire Star Truck Rentals, Inc., a Michigan-based transportation services company that offers full-service leasing, commercial truck rental, contract maintenance and used truck sales. The acquisition adds Star’s ~1,900 vehicles and 18 locations across Michigan and Indiana to Penske’s network; financial terms were not disclosed and the transaction was expected to close in Q2 2023 subject to customary approvals.

Ryder Acquires Cardinal Logistics from H.I.G. Capital

February 1, 2024

Transportation

Ryder System, Inc. has acquired Cardinal Logistics from H.I.G. Capital, integrating Cardinal’s dedicated contract carriage, freight brokerage and last-mile capabilities to strengthen Ryder’s dedicated transportation and supply chain services. Cardinal, founded in 1997 and headquartered in Concord, North Carolina, operates ~200 locations with a fleet of 2,900 power units and more than 3,400 drivers; Ryder expects synergies and accretion following integration.

Fourshore Partners Acquires Buske Logistics

March 14, 2022

Logistics & Distribution

Fourshore Partners has acquired Buske Logistics, a third-party logistics provider with over 4.5 million square feet of warehousing across more than 20 locations in the U.S. and Canada. The deal establishes Buske as a Fourshore platform to support its next stage of growth across packaging, food & beverage, and automotive end markets.

The Black Phoenix Group Acquires PACCAR Winch from PACCAR Inc.

November 1, 2024

Manufacturing

The Black Phoenix Group LLC completed the acquisition of PACCAR Winch from PACCAR Inc. on November 1, 2024; financial terms were not disclosed. Patriot Capital and Bluehenge Capital Partners provided debt and equity co-investment support for the carve-out; PACCAR Winch will continue to operate under its current management and join BPG’s industrial portfolio.