Trucking & Fleet Acquisitions in 2020

Penske Logistics has agreed to acquire Chicago-based trucking company Black Horse Carriers, Inc.; financial terms were not disclosed. The acquisition, expected to close December 31, 2020, will expand Penske’s dedicated contract carriage capabilities and integrate Black Horse’s fleet and operations (Black Horse operates ~2,000 vehicles and employs more than 4,000 people).

TELEO Capital Management completed the acquisition of Rand McNally, a Chicago-based provider of fleet management, telematics and route mileage optimization software, as well as printed atlases and education products. TELEO said it will support Rand McNally’s next stage of growth through product investment and both organic and inorganic expansion initiatives.

The Kenan Advantage Group, Inc. (KAG) has completed the acquisition of Fort Transfer Company, a Morton, Illinois–based liquid bulk chemical carrier and storage provider. The deal adds Fort Transfer’s terminals, 100 tractors, 249 trailers, ~2.6 million gallons of temperature-controlled storage capacity, and roughly 203 personnel (including 158 drivers/contractors and 45 operational staff) to KAG’s Specialty Products operations to expand capabilities and geographic coverage in chemical and agricultural markets.

The Kenan Advantage Group, Inc. (KAG) completed the acquisition of Paul's Hauling Ltd. through its Canadian arm, KAG Canada / RTL Westcan. The Winnipeg-based bulk transport operator brings 233 tractors, 353 trailers and approximately 304 operational staff (192 drivers and 112 operational personnel), extending KAG's bulk transport footprint and creating operational synergies across Western Canada.

FleetPride, Inc. acquired the assets of TransAm Truck and Trailer Parts of Rockford, Illinois from founder Frank Carlson. The deal expands FleetPride’s presence into the Rockford market and brings its total number of Illinois locations to eleven.

Truck Center Companies, a Freightliner/Western Star dealership group based in Omaha, Nebraska, has acquired Harrison Truck Centers, adding eight Freightliner/Western Star sales and service locations across Minnesota and Iowa. The deal expands Truck Center Companies' geographic footprint in the Upper Midwest and brings Harrison's staff into TCC while the current Harrison ownership group will remain in managerial roles.

FleetPride, Inc. acquired the assets of Triple K Fleet Services, a three-location truck and trailer repair and towing operator based in Harrisburg, Pennsylvania. The deal expands FleetPride's service center footprint in southern Pennsylvania and brings Triple K's employees and towing/repair capabilities into FleetPride's network.

Patrick Industries completed the acquisition of Goshen, Indiana-based Synergy RV Transport, a transportation and logistics provider serving RV OEMs and dealers. Synergy reported approximately $46 million of 2019 revenue and will operate as a stand-alone brand within Patrick to expand its RV transport platform and network.

TFI International signed a definitive agreement to acquire privately held Gusgo Transport (including Seatainer Transport and Seatainer Terminals), a Vaughan, Ontario–based container transport and storage business. The acquisition adds container drayage, storage capacity (6,000-container yard) and ~250 chassis to TFI's Truckload segment, expands density and geographic reach across the Greater Toronto Area and cross-border lanes into the U.S.

YFM Equity Partners has made a significant investment in Pershore-based Innovative Safety Systems (ISS), a commercial vehicle safety specialist (now trading as Fleetclear). The funding will support product and software development, aftersales services and expansion into new sectors such as construction and international markets; ISS currently employs around 31 people.

Crown Capital Investments, LLC, an Atlanta-based family office, has acquired KCE, Inc., a Glen St. Mary, Florida specialist in oversized load transportation, erosion control and proprietary water cleanup. The acquisition positions Crown Capital to grow KCE ahead of anticipated U.S. infrastructure investment and to optimize the company’s operations and capabilities.

FleetPride, Inc. has acquired the assets of Powers Diesel Service in Seminole, Texas, bringing FleetPride's Texas footprint to 27 locations and increasing company-owned service centers. The Powers family will remain involved with Casey Powers managing day-to-day operations as FleetPride expands parts and service offerings in the region.

Red Arts Capital partnered with Prudential Capital Partners and Brightwood Capital Advisors to acquire MME Inc., including its subsidiaries Midwest Motor Express Inc. and Midnite Express Inc.; financial terms were not disclosed. Midwest Motor Express is a Bismarck, North Dakota–based top-25 less-than-truckload (LTL) carrier with ~800 employees, 32 service centers across 16 states and part of a combined platform generating more than $120 million in annual revenue.