Trucking & Fleet Acquisitions in 2021

Groendyke Transport, Inc. signed an agreement to acquire all tank truck assets of Georgia Tank Lines (GTL), increasing Groendyke's driver count by 39 to about 900 and adding three locations. The deal expands Groendyke's footprint into the greater Atlanta market and was expected to close Jan. 1, 2022.

Knight-Swift Transportation Holdings, Inc. acquired 100% of RAC MME Holdings, LLC — the parent of Midwest Motor Express and Midnite Express — for $150 million in cash. The acquisition expands Knight-Swift's less-than-truckload (LTL) footprint across roughly 15 states in the upper midwestern and great northwestern United States; MME reported approximately $137 million of 2021 revenue and ~800 employees.

All Roads, a privately held multi-channel retail and commercial services enterprise based in Baltimore, Maryland, has acquired Central Truck Center, a Kenworth and Isuzu truck dealership based in Landover, Maryland, from owners Sam Keyton and Henry Meinhardt III. Chesapeake Corporate Advisors served as exclusive financial advisor to Central Truck Center; Sam Keyton will remain with the combined organization in a sales leadership role. The acquisition expands All Roads' commercial truck sales and repair capacity in the Mid-Atlantic region.

TFI International has acquired D&D Sexton, a family-owned refrigerated trucking company based in Carthage, Missouri. D&D operates more than 120 tractors and nearly 400 trailers, employs roughly 150 drivers plus ~40 non-driving staff, generates annualized revenue in excess of $25 million, and will join TFI’s CFI operating group to expand its temperature-controlled capacity and local/shuttle capabilities.

FleetPride, Inc. has acquired the assets of Jim's Truck & Trailer Equipment in Wichita Falls, Texas, a business founded in 1971 and owned by Jim Martin. The acquisition expands FleetPride's parts and service footprint in north Texas and southwest Oklahoma and adds the Wichita Falls branch as the company's 60th service center.

The investment arms of the Nottawaseppi Huron Band of the Potawatomi (Waséyabek Development Company) and the Match-E-Be-Nash-She-Wish Band of Pottawatomi (Gun Lake Investments) have acquired Holland, Michigan-based trucking companies Zip Xpress, Inc. and Green Transportation, Inc. DWH, LLC is managing the partnership; the tribes said the deal supports freight optimization, sustainable solutions and career development (including a driver training pipeline).

Sensata Technologies has acquired SmartWitness Holdings, Inc., a provider of video telematics hardware, software and analytics for commercial fleets, to expand Sensata Insights’ video-based data and safety capabilities. Financial terms were not disclosed; the deal was expected to close in Q4 2021 and adds SmartWitness’s ~85 employees and more than 250,000 deployed devices to Sensata’s fleet solutions portfolio.

Boxwheel Trailer Leasing, backed by Houston-based private equity firm Crosstimbers Capital Group, has acquired Prime Trailer to expand its semi-trailer rental, leasing, sales and service footprint into the Salt Lake City, Utah and Reno, Nevada markets. The deal is Boxwheel’s second acquisition in 2021 and is part of a growth strategy supported by Crosstimbers and financing from Hancock Whitney Bank.

An investor group led by Champlain Financial Corporation, alongside Desjardins Capital, Fondaction and Société Financière Bourgie, has completed a continuation-fund style recapitalization of JLD-Laguë, a leading Canadian John Deere equipment and Peterbilt truck dealership network. Management remains in place under CEO Terry Enepekides and the investors intend to support continued growth through organic initiatives and tactical acquisitions; financial terms were not disclosed.

Hudson Pacific Properties acquired Star Waggons and Zio Studio Services for a combined $222 million, folding both production-transportation and equipment-rental businesses into its Sunset Studios platform. The acquisitions add more than 1,100 trailers and specialized vehicles to Hudson Pacific's offerings, expanding production services revenue, client experience at Sunset Studios and the company’s footprint for on-location filming.

Chicago-based private investment firm KCM Capital Partners completed a majority investment in Four State International Trucks, LLC ("4 State Trucks"), a Joplin, Missouri-based distributor of heavy-duty truck aftermarket parts and accessories. The transaction was completed in partnership with PNC Mezzanine Capital; founding family members Bryan and Brice Martin will continue to lead the company and retain a significant ownership stake.

TransWood, a family-owned nationwide bulk carrier based in Omaha, Nebraska, purchased Jensen Transport of Minnesota effective July 12, 2021; terms were not disclosed. The acquisition adds Jensen’s tank-truck operations — which haul bio-fuels, anhydrous ammonia and LPGs — and expands TransWood’s regional bulk liquids and dry-bulk footprint and operating capacity.

Gamut Capital Management, in partnership with British Columbia Investment Management Corporation (BCI), signed a definitive agreement to invest in PS Logistics. The capital and strategic partnership will support PS Logistics — a Birmingham, Alabama-based flatbed transportation and logistics provider — to accelerate growth, expand capabilities and scale its asset- and broker-based platform across the continental United States. Financial terms were not disclosed.

Epika Fleet Services, Inc. acquired Deaton Fleet Solutions, a Rome, Georgia-based provider of mobile and in-shop maintenance for heavy-duty trucks and trailers. The deal strengthens Epika’s presence in the Southeastern United States and expands its mobile service offering for commercial fleet customers, with plans to invest in expanding Deaton’s mobile fleet.

Champlain Financial Corporation led a group of investors in a strategic investment in Les Transports Inter-Nord Inc. to support the company’s continued growth in the less-than-truckload (LTL) market. Founded in 1990 and headquartered in Saint-Jérôme, Quebec, Inter-Nord operates a fleet of more than 250 units and a >60,000 sq. ft. warehouse to serve a broad Quebec footprint.

Solera Holdings, Inc. acquired eDriving, a provider of smartphone-based driver risk management and telematics solutions, to expand its fleet-focused data and software capabilities into driver behavior and risk analytics. The deal integrates eDriving's Mentor app, FICO Safe Driving Score and Virtual Risk Manager platform with Solera's existing fleet solutions to offer end-to-end vehicle and driver performance services to commercial fleets globally.

KC Piggyback Holdings (KCP), a holding company formed by Arc Industries, has acquired the stock of Harbor Division, a Southern California drayage and intermodal equipment storage operator. Coil Partners advised Harbor Division on the sale; the acquisition adds ~27 acres of paved, secure storage and strengthens KCP/Arc’s drayage platform in the Los Angeles / Southern California market.

American Trailer Rental Group (ATRG), backed by private equity sponsor Milton Street Capital, has acquired the rental fleet and location of Ervin Equipment in Laredo, Texas. The acquisition expands ATRG's Advantage Trailer Rental presence in south Texas as part of an ongoing roll-up strategy.

Nextran Truck Centers, a Gainesville, Florida-based full-service commercial truck dealer network, has agreed to acquire Kansas City-based Westfall GMC Truck, Inc. and Westfall-O'Dell of Colorado, Inc. The deal expands Nextran's footprint from 18 to 25 locations across seven states, adding new OEM lines (GMC Trucks and Kalmar Ottawa) and increasing its employee base to over 1,200.

Velocity Vehicle Group (VVG) has completed the acquisition of Eagers Automotive Limited's Daimler Truck and Bus sales and service dealerships across Australia. The deal transfers approximately 650 employees and the Daimler franchises (Mercedes‑Benz, Freightliner and Fuso) across metropolitan and regional locations including Brisbane, Newcastle, Sydney, Melbourne, Adelaide and Perth to VVG.

FleetPride, Inc. has acquired the assets of Steubenville Truck Center in Steubenville, Ohio, expanding its parts and service footprint in the region. The location becomes FleetPride’s 50th Service Center and sixth branch in Ohio and will be integrated into FleetPride’s Karmak Fusion service management system to offer FleetPride solutions to national and regional fleets.

Wind Point Partners’ portfolio company A&R Logistics has acquired Luckey Trucking, a Streator, Illinois-based provider of dry bulk, liquid bulk, dry van transportation, warehousing and rail transloading services to the chemical industry. The add-on expands A&R’s chemical supply chain platform, increasing its specialized fleet, terminal footprint and railcar transloading capabilities while key members of the Luckey family and leadership join the combined business.

FleetPride, Inc. has acquired the assets of Southern Truck Center of Birmingham, Alabama, a family-founded truck and trailer parts and service operation started by Tim Walker in 2005. Mike Walker will continue to manage day-to-day operations; the acquisition complements FleetPride's nearby Birmingham branch and expands its local service footprint as part of FleetPride's ongoing acquisition-driven growth strategy.

Titanium Transportation Group Inc. acquired all shares of International Truckload Services Group (ITS) for approximately $60.5 million (cash and assumption of net debt), adding ITS' assets, footprint and customer base to Titanium's platform. ITS, founded in 1986 and based in Belleville, Ontario, generates about $80 million in annual revenue, operates ~330 power units and 1,600 trailers, and employs roughly 470 people; the deal expands Titanium's scale and geographic coverage across southern Ontario, Quebec and the United States.

FleetPride, Inc. acquired the assets of L&N Truck Service, a two-location heavy-duty truck service provider based in Ellenwood, Georgia (with a second location in Albany). The deal expands FleetPride’s service footprint and on-site/mobile maintenance capabilities in the southeastern United States to better support national and regional fleet customers.

American Trailer Rental Group (ATRG), a Milton Street Capital-backed platform, has acquired Arizona Storage Rental (ASR), adding three Arizona locations (Phoenix, Flagstaff, Tucson) and roughly 3,000 rental units to ATRG’s fleet. The deal is an add-on acquisition to expand ATRG’s geographic footprint in the U.S. Southwest and grow its national trailer rental and storage platform.