Transportation Acquisitions in 2024

Atlas Van Lines (through its Atlas Canada operations) has acquired Orbit Brokers, a Mississauga, Ontario–based customs brokerage firm, effective Jan. 1. The acquisition integrates Orbit Brokers into Atlas Canada's Connect Logistics division to expand cross‑border customs clearance capabilities and provide more seamless end‑to‑end relocation and logistics services across Canada and the United States.

Pangaea Logistics Solutions Ltd. completed a combination transaction with Strategic Shipping Inc., issuing 18,059,342 shares (approximately 27.6% of outstanding stock) to SSI in exchange for fifteen handy-size dry bulk vessels. The vessels were valued at approximately $271 million at closing (inclusive of $100 million of vessel financing assumed), and the deal closed following shareholder approval on December 30, 2024.

RELAM, a Paceline Equity Partners portfolio company, has acquired Falcon Equipment Ltd., a Surrey, British Columbia–based specialty truck and equipment solutions provider. The deal expands RELAM’s presence in the Canadian hi-rail and specialty truck markets, adds new end markets (building supply, utility, snow and ice, municipality), and preserves Falcon’s existing management team under President Dan Kielan.

The Heniff family of companies has acquired the Combo Group, a Born, Netherlands–based bulk transporter and tank-cleaning services provider with operations in Born, Geleen (NL) and Straelen (DE). Terms were not disclosed; the acquisition gives Heniff immediate scale in European bulk transportation, tank cleaning and maintenance operations.

Priority Courier Experts (a portfolio company of Trident and Bluejay Capital) has acquired NOW Courier, a 38-year-old Indianapolis-based same-day courier and expedited delivery provider. The transaction is an add-on to expand PCE's geographic footprint and service capabilities across Indiana and adjacent markets.

Fleetworthy has acquired Empire Commercial Services, a New York City provider of commercial parking violation management and resolution, to expand its fleet technology suite. The acquisition adds Empire's S.M.A.R.T. summons management platform and violation-handling expertise to Fleetworthy's capabilities, enabling scaling of Empire's offerings beyond New York into other high-density urban areas.

Mullen Group Ltd. has acquired Pacific Northwest (PNW) Moving and its parent, Pacific Northwest Investments, expanding Mullen’s less‑than‑truckload (LTL) footprint into Northern Alberta and the Yukon. PNW will operate within Mullen Group’s LTL segment and brings two owned terminals (Whitehorse, Yukon and Edmonton, Alberta) plus local moving and storage capabilities; financial terms were not disclosed.

Boston-based private equity firm Berkshire Partners has made a strategic (majority) investment in RJW Logistics Group, a Woodridge, Illinois–based provider of retail logistics and consolidation services for consumer packaged goods (CPG) brands. RJW CEO Kevin Williamson and other management will remain significant investors, and prior investor Mason Wells will remain a minority holder; the deal is intended to support RJW's growth, innovation and geographic expansion.

Location Services, LLC, a recovery management company owned by Delaware Street Capital, has acquired Strategic Remarketing Solutions (SRS), a forwarding and remarketing firm based in Hoffman Estates, Illinois. The transaction expands Location Services' servicing footprint and capabilities—particularly its penetration into regional banks and credit unions—and brings SRS’s experienced workforce and remarketing/title services into the platform.

GPS Trackit, the Inverness Graham-backed fleet telematics and video company, has acquired Zonar Systems from Continental. The deal (terms undisclosed) combines GPS Trackit's video telematics platform with Zonar's smart fleet management capabilities to deepen presence in government, education and commercial fleet markets and expand fleet safety, health and compliance offerings.

Medstar, a Washington-based non-emergency transport operator, acquired ATS Trans, LLC (Tacoma, WA) in a deal facilitated by IAG. The seller, Dianne Hutchins, financed the transaction after pandemic-era financing challenges; ATS Trans operates a fleet of ~60 vehicles and reported EBITDA of approximately $600,000.

Kenan Advantage Group (KAG) has acquired Texas-based XBL Holdings (operating as Xcel Bulk Logistics), a dry bulk transportation, storage and logistics provider headquartered in Weatherford, Texas. The deal — from PE owner Lilium Group — adds XBL's drivers, operational staff, tractors, trailers, storage silos and terminals to KAG's growing dry bulk platform; financial terms were not disclosed.

GCM Grosvenor, with co-investor Bluejay Capital Partners, has agreed to acquire Mobil Grain Ltd. and its operating subsidiaries from AGT Food and Ingredients Inc. The sale includes short-line rail operations, a port terminal in Thunder Bay and intermodal assets in Regina; financial terms were not disclosed and the transaction is expected to close in late 2024 or early 2025 subject to regulatory approvals.

Wind Point Partners, a Chicago-based private equity firm, has completed a corporate carveout and acquired Velocity Rail Solutions, a provider of mission-critical locomotive services across North America. Wind Point will partner with Velocity management to invest in organic growth and pursue strategic add-on acquisitions to expand the company's rail-related services.

Stonepeak, a New York-based alternative investment firm, has acquired Fleet Companies, a regional trailer dealership and leasing company headquartered in Memphis, Tennessee. Fleet will serve as the seed asset for a national trailer platform Stonepeak plans to build across the U.S.; terms were not disclosed and the deal has closed.

AviAlliance has agreed to acquire AGS Airports from Macquarie Asset Management (via Macquarie European Infrastructure Fund 4) and Ferrovial for an enterprise value of approximately £1.53 billion. The transaction transfers ownership of the airports serving Aberdeen, Glasgow and Southampton, and is expected to reach financial close by Q1 2025 subject to customary conditions and regulatory approvals.

On November 8, 2024, Aviation Starlink Inc. closed the acquisition of certain assets of Services Aériens Lux Inc. and other affiliates of Chrono Aviation Inc., and completed related equity and debt financing for the Chrono Group. The transaction was approved by vesting and reverse vesting orders under the Companies' Creditors Arrangement Act (CCAA), and Aviation Starlink will also act as lender to fund the Group's operations post-closing. Aviation Starlink is an aviation-services operator controlled by Pierre Karl Péladeau and is headquartered in Dorval, Quebec.

Stonepeak has completed an all-cash acquisition of Air Transport Services Group, Inc. (ATSG) in a transaction valuing the company at approximately $3.1 billion and providing ATSG shareholders $22.50 per share. The deal, first announced on November 4, 2024, received shareholder approval on February 10, 2025, and takes ATSG private under Stonepeak to support the company’s long-term growth in aircraft leasing, air transport operations, and support services.

DOF Group ASA has completed the acquisition of Maersk Supply Service A/S from Maersk Supply Service Holding ApS / A.P. Moller Holding for a combination of cash (~USD 577m) and newly issued DOF shares, with MSSH receiving 58,883,073 consideration shares. After closing, A.P. Moller Holding will hold 25% of the combined company; Maersk’s offshore wind turbine installation business will remain with A.P. Moller Holding as the independent Maersk Offshore Wind.

Load One has acquired Tri-State Expedited Service, a Millbury, Ohio-based provider of expedited ground transportation and logistics, to expand its North American expedited network and capacity. Terms were not disclosed; the deal brings Tri-State's company trucks and owner-operator network into Load One's platform to better serve time-critical, cross-border and high-value freight.

Leviate Air Group has acquired a majority interest in Chairman Aviation, bringing Chairman's fleet and operations under closer management while maintaining its own air carrier certificate. The deal expands Leviate's service offerings and fleet mix (including additional Citation X, Citation X+ and Citation CJ3+ aircraft) to better serve high-net-worth and corporate clients.

Vantage Aviation, a Stamford-based, private equity-backed business aviation firm, has acquired Dominion Aviation, the sole-source FBO operator at Richmond Executive–Chesterfield County Airport (FCI). Dominion will continue operating its full-service offerings—including ground handling, fueling, hangar storage, aircraft management, charter, MRO (145 repair station), and flight training—while founder Mike Mickel remains with the business focusing on aircraft management as Vantage expands its U.S. FBO network.

Nashville-based coach provider Dreamliner has acquired specialty carriers Shomotion and Show Pro to expand its events transportation and logistics offerings. The deal (terms undisclosed) retains all 65 full-time employees across the two companies and includes Shomotion's Denver facility and Show Pro's Nashville site, adding trucks and trailers to Dreamliner's fleet.

Nippon Express Holdings, Inc. (NXHD) agreed to acquire all shares of SH HoldCo GmbH (Simon Hegele), a Germany-based contract logistics group focused on the healthcare sector, entering a sale and purchase agreement on September 30, 2024. Simon Hegele will become a fully owned subsidiary of NXHD to combine NX's global network with Simon Hegele's specialized healthcare logistics capabilities.

KKR has acquired The Parking Spot, the leading U.S. near-airport parking operator, from an affiliate of Green Courte Partners. The Parking Spot operates 47 near-airport parking properties across major U.S. airports; financial terms were not disclosed and the company’s management will remain in place as KKR pursues further growth through its Global Infrastructure Strategy.

Manifest, a Denver-based lifestyle and travel club, has agreed to acquire Skyroads Aviation, a Part 135 certificated air carrier based at Centennial Airport outside Denver. The deal — expected to close by October 31 — will allow Manifest to operate its own private aviation services (it has also leased a Pilatus PC-12); Skyroads’ current five King Airs will not be part of the acquisition.

Propark Mobility has acquired Southern Valet & Transportation, a Columbia, South Carolina-based provider of valet, parking management, and shuttle services. The acquisition expands Propark's national footprint and adds local valet and transportation capabilities to its portfolio of parking and mobility services.

Radiant Logistics (NYSE: RLGT) has acquired Focus Logistics, a Michigan-based domestic and international freight forwarder founded in 2003. The small, family-run business will be merged into Radiant’s Detroit operation with co-founder Cliff Kisielewski remaining as general manager while co-founder Terrie Evans retires; financial terms were not disclosed.

LongWater Opportunities partnered with industry executives Randy Meyer and Brian Trammell to form Cypress Rail Solutions, a new railcar services platform. Cypress completed its first acquisition of certain railcar maintenance assets (locations in North Dakota and Minnesota) from Northern Plains Rail Services and plans further expansion across additional geographic markets to build a significant railcar services platform.

Powerfleet, Inc. has completed the strategic acquisition of Fleet Complete, a connected-vehicle and fleet-management technology provider. The deal creates a combined company with over $400 million in revenue (including $300M+ of recurring SaaS revenue), expands Powerfleet's footprint in North America and Europe, and enhances its AIoT, data ingestion and video capabilities.

A consortium led by global investment firm KKR and the Skip Essential Infrastructure Fund (linked to Skip Capital) agreed to acquire a combined 74.25% interest in Queensland Airports Limited (QAL) from The Infrastructure Fund (managed by Macquarie Asset Management), State Super and Australian Retirement Trust. QAL operates Gold Coast, Townsville, Mount Isa and Longreach airports; the transaction transfers control of these regional airport assets to KKR and Skip as part of an infrastructure investment play.

Descartes Systems Group acquired Assure Assist, Inc., doing business as MyCarrierPortal (MCP), for approximately $24 million in up-front cash plus up to $6 million in performance-based earn-outs. The deal adds carrier onboarding, risk monitoring and KYC/fraud-prevention capabilities to Descartes’ logistics platform and complements its MacroPoint FraudGuard solution.

Alaska Air Group, Inc. completed its acquisition of Hawaiian Holdings, Inc., combining Alaska Airlines and Hawaiian Airlines to create a larger carrier with expanded domestic and international networks. The deal preserves both brands initially, aims to integrate operations over time (including a single FAA operating certificate), and is intended to deliver network growth, customer benefits and significant synergies.

AEA Investors' Small Business Private Equity team has closed the acquisition of P&B Intermodal, with significant reinvestment from the company's management team. P&B is a New Jersey–founded national provider of maintenance and repair services to intermodal operators, and AEA said it will leverage its network and resources to support the company's organic growth in the transportation & logistics market.

CVC DIF (the infrastructure strategy of CVC) has agreed to acquire S-P-S International from Strikwerda Investments and management and CTC Moyson Airport Equipment from the Moyson family. Both companies will be combined with existing platform HiSERV (led by Roland Ueckert) to create a pan‑European ground support equipment (GSE) leasing and services leader; the transactions are expected to close in Q4 2024.

Avolon has agreed to buy a $5 billion, 118-aircraft portfolio from Castlelake L.P., acquiring the fleet held in Castlelake Aviation Limited. The purchase, which Castlelake says will allow it to reinvest proceeds into new opportunities, is expected to close in Q1 2025 and will expand Avolon’s fleet and cashflow profile.

Unical Aviation, backed by Platinum Equity, has acquired ecube Solutions, a global specialist in aircraft storage, disassembly and transition services, from Baird Capital. The deal expands Unical's EMEA footprint and enhances its ability to offer end-to-end aftermarket and asset transition solutions to airlines, lessors and MRO customers.

AMCS, the Ireland‑headquartered provider of sustainability and operations software for resource‑intensive industries, has acquired Qv21 Technologies, an Austin‑based fleet management and logistics SaaS provider for short‑haul and bulk commodity transportation, for an undisclosed amount. The deal expands AMCS’s transportation management capabilities and North American footprint, enabling enhanced logistics, workflow automation and sustainability outcomes for customers in waste, recycling and bulk materials transport.

Callaway Hudson Partners (CalHudson), a partnership between Hudson Valley Parking Trust and Callaway Capital Management, has acquired Platinum Parking, a Dallas-based full-service parking management company operating roughly 300 locations. The acquisition expands CalHudson's geographic footprint into high-growth markets and strengthens its platform capabilities in the parking services sector.

Swiftly has acquired Hopthru to integrate Hopthru's ridership data and analytics into Swiftly's transit data platform, enhancing agencies' abilities to access, clean, monitor, and analyze ridership for NTD reporting, service planning, and scheduling. The acquisition extends Swiftly's modular platform to include statistician-certified ridership datasets and NTD certification workflows, improving agencies' service-planning and reporting capabilities.

America's Group, parent of America's Auto Auction and AXLE Funding, has acquired Z66 Tulsa Auto Auction from former owner Robert Zoellner. The deal expands America's Group's footprint in Oklahoma and is the company's fourth acquisition since June, bringing its network to 42 auction locations.

GO Riteway Transportation Group, based in Oak Creek, Wisconsin, has acquired Westlund Bus Lines of Marinette, Wisconsin. The deal transfers 60 employees and 43 vehicles to GO Riteway, preserves service for the Marinette School District and city taxi program, and provides GO Riteway a strategic northern Wisconsin location while enabling owner Tom Westlund to retire.

Groupe ADP has entered into a definitive agreement to acquire PS (formerly The Private Suite) from TPG. PS operates private luxury airport terminals at LAX and ATL, with additional locations under development, and the acquisition is intended to accelerate PS’s expansion and integrate its services into Groupe ADP’s hospitality-focused airport strategy; terms were not disclosed and the deal is subject to regulatory approvals.

Lumin8 Transportation Technologies, a portfolio company of Crest Rock Partners, has acquired Rommel Infrastructure, a Linthicum Heights, Maryland-based provider of traffic signal and street light maintenance and installation services. The add-on expands Lumin8’s Mid-Atlantic footprint and service capabilities; the acquisition is the seventh add-on to the Lumin8 platform and brings Lumin8’s workforce to over 500 employees.

Transit Technologies has acquired Bytecurve, a provider of student transportation management software, to expand its mobility platform into the K-12 market. Bytecurve's dispatch, scheduling, time & attendance, and payroll capabilities will be integrated into Transit Technologies' suite to improve student transportation operations and safety.

Modaxo Inc., a global technology organization focused on people transportation, has acquired CAMMAX Limited, a UK provider of self-service ticket vending machines, parking payment machines, and related services. CAMMAX will retain its brand and management while leveraging Modaxo's resources to expand its payment systems and service capabilities for transit and parking operators.

Caledonia Private Capital has completed a secondary buyout of Direct Tyre Management (DTM) from Palatine, acquiring the Blackpool‑based tyre management and fleet tyre services business. DTM, which grew revenue from £30m to £60m over the past two years and serves major fleet operators using predictive tyre-technology and roadside support, will partner with Caledonia to expand services and explore growth in other jurisdictions.

The Broe Group and Hudson Valley Parking Trust have jointly acquired 100% of Dallas-based Platinum Parking, adding more than 100,000 spaces across 300 locations and expanding the partners into 19 new markets across six states. The deal builds Hudson Valley Parking Trust's national parking platform and follows the partners' recent acquisition of ICON Parking, combining Broe's real estate expertise with HVPT's parking operations and technology capabilities.

Tarantula Corporation, the railroad holding company that owns Fort Worth & Western Railroad, acquired the 26-mile Texas Central Railroad from Birdsong Corporation, with the purchase finalized on June 30. The acquisition gives Fort Worth & Western Railroad (FWWR) ownership rights enabling substantial investments in maintenance, infrastructure upgrades and development of rail-served sites to improve service capabilities for regional customers.

Proficient Auto Logistics is acquiring Ogden, Utah-based Auto Transport Group, adding the carrier as the sixth operating company in its vehicle-transport portfolio. The deal — expected to close in Q3 — expands Proficient's presence in the western United States; Auto Transport Group operates roughly 117 power units and 115 drivers according to FMCSA data.