Trucking & Fleet Acquisitions in 2023

Boxwheel Trailer Leasing, a Denver-based trailer rental and leasing operator backed by Crosstimbers Capital Group, acquired the assets of Detroit-area Twin Bridges Enterprises. The asset purchase expands Boxwheel’s geographic coverage in the Detroit market as part of its ongoing acquisitive growth strategy supported by Crosstimbers and lenders.

AGI International, Inc. acquired American Material Services, Inc., a Macon, Georgia-based provider of dry-bulk and liquid-bulk transportation services. The transaction closed on November 17, 2023 and gives AGI a stronger presence in the Georgia and North Florida markets while expanding its transportation and supply chain capabilities.

Atlantic Utility Trailer Sales, Inc. has acquired Utility Trailer Sales of New Jersey, Inc., adding the North Brunswick operations to Atlantic's Thorofare-based dealership. The deal expands Atlantic's coverage into North Jersey, Metro New York and Long Island; Tom Barton (CEO) and Spencer Kiernan (CFO/COO) will continue to lead the combined business and the Dwyer family (previous owners) will join the new Atlantic Utility Trailer Sales, Inc.

FST Logistics, a 100% employee-owned third-party logistics provider based in Dublin, Ohio, has acquired Hyway Trucking, an asset-based transportation company headquartered in Findlay, Ohio. The acquisition expands FST's truckload capabilities and Ohio footprint, enabling cost savings, operational efficiencies, and a broader service offering for its customers.

K. Neal Truck and Bus Center, a family-owned multi-location commercial truck and bus dealership, has acquired Powell's Truck & Equipment, Inc. of Lynchburg, Virginia from Reggie and Steve Powell. The acquisition adds Powell's single-location dealership and rental/leasing division to K. Neal's footprint across the Washington, D.C., Maryland and Virginia markets, expanding service, parts and sales capabilities for medium- and heavy-duty commercial fleets.

Privately held 3PL Warehouse Services Inc. (WSI) has acquired El Paso-based Sky Trans Group Holdings, LLC (Sky Transportation Services), a regional truckload carrier focused on dry‑van and US–Mexico cross‑border freight. The deal is expected to add over $60 million in annual revenue to WSI and expand its cross‑border and Southwestern U.S. trucking capabilities, with Sky's CEO Albert Luna remaining in a leadership role.

FleetPride, the nation’s largest distributor of heavy-duty truck and trailer parts and services, acquired the assets of Knowles On Site Repair, Inc. The deal expands FleetPride’s mobile repair capabilities and strengthens its presence in the Florida Panhandle and Mobile, Alabama, adding a team of more than 30 technicians to FleetPride’s service network.

Full Guard Capital-backed Henry's Wrecker Service has partnered with Road Runner Wrecker Service, bringing the Leesburg, Virginia towing and hauling provider into Henry's platform as a sister company. The deal strengthens Henry's presence in the Mid-Atlantic, creates operational synergies across municipal and commercial towing contracts, and supports further add-on acquisition growth under Full Guard Capital.

FleetPride, the nation’s largest distributor of truck and trailer parts and services, has acquired the assets of Integrity Fleet Services, a fleet maintenance and repair provider based in Pacific, Washington. The deal adds a Pacific service center and mobile maintenance trucks to FleetPride’s network, strengthening its service capabilities and local footprint for commercial fleet customers. Glen Grader, owner of Integrity Fleet Services, will transition the business into FleetPride.

Merx Truck & Trailer has acquired Majestic Truck Services, a long-established truck collision and repair provider based in Altoona, Iowa. The deal expands Merx's multi-site presence in the Des Moines market and adds Majestic's 53,000 sq. ft. repair facility and capabilities to Merx's Midwest service network; terms were not disclosed.

RWC International (RWC Group) has agreed to acquire selected assets, related real estate and the school bus sales and full-service leasing operations of Kyrish Truck Centers, a Texas-based commercial truck dealer operating 19 locations. The transaction, a sale of assets by the Kyrish family, strengthens RWC's footprint in Texas and adds dealership, leasing and school-bus capabilities to its multi-state dealer group; a tentative closing date was set for Dec. 31.

FleetPride, Inc. has acquired the assets of RPM Truck Repair, a provider of truck maintenance and repair with locations in Effingham and Mount Vernon, Illinois. The deal expands FleetPride’s service footprint and capabilities in central and southern Illinois, integrating RPM’s technicians and locations into FleetPride’s national parts and service network.

Penske Automotive Group, through its Premier Truck Group subsidiary, acquired Transolutions Truck Centres (TSTC), a five-location medium- and heavy-duty truck and bus dealership network based in Winnipeg, Manitoba. The deal expands Premier Truck Group's presence into Manitoba, adds approximately $180 million of expected annualized revenue and about 200 employees (including 59 technicians and 73 service bays).

A fund advised by Norvestor Advisory has signed an agreement to acquire a majority stake in Colmec Holding AB, a leading provider of sustainable tire solutions for commercial vehicle fleets across the Nordics and Poland. The Eckerström family will remain a minority shareholder alongside management; Norvestor plans to accelerate growth organically and via acquisitions while driving digitalization and further investing in environmentally friendly offerings.

Online Transport, Inc. has acquired Mustang Express, LTD, an asset-based over-the-road trucking and 3PL provider based in El Paso, Texas. The deal — advised on the sell-side by Kreshmore Group — expands Online's geographic coverage and routings with Mustang's fleet and over 60 drivers, and closed May 19, 2023.

Merx Truck & Trailer has acquired North Texas Fleet Services, a Garland, Texas-based fleet maintenance and repair provider, expanding Merx's geographic footprint into Texas. Terms were not disclosed; Roadmap Advisors served as financial advisor and McCarthy Duffy LLP acted as legal advisor.

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.

FleetPride, the nation’s largest distributor of heavy-duty truck and trailer parts and services, has acquired the assets of family-owned TAM Truck & Trailer Service in Alto, Georgia. The acquisition expands FleetPride’s local service footprint and adds trailer repair, mobile maintenance and parts capabilities to its national network.

Chartwell Investments Entrepreneur & Founder Capital (CHIEF Capital) led a growth investment into Guardian Fleet Services, with financing and co-investment support from Source Capital, Backcast Partners and Morgan Stanley Private Credit. Guardian used proceeds to merge and acquire Emerald Transportation (Pompano Beach, FL) and Sapp's Wrecker Service (Savannah, GA), expanding Guardian's footprint to 23 locations and strengthening its towing, recovery and specialized transportation fleet across Florida and Georgia.

FleetPride, Inc. has acquired the assets of TML Truck & Trailer Repair, a full-service heavy-duty truck and equipment shop based in Ocala, Florida. The acquisition deepens FleetPride’s service and repair coverage in the region and brings TML’s team and capabilities into FleetPride’s national network.

Armour Excavating LLC, a Kerrville, Texas provider of excavating, cedar clearing, and aggregate delivery services, has acquired John D. Adams Trucking d/b/a JDAT, an aggregate delivery trucking company based in Kerrville, TX. The founder, John "JD" Adams, will remain involved as the businesses are combined to expand Armour Excavating's delivery capacity and service offerings for construction and aggregate customers.

RELAM, a Cleveland-area lessor of railway maintenance-of-way equipment, has acquired Wiskerchen Truck & Equipment, LLC and Wiskerchen Rental & Leasing, LLC, a Spencer, Wisconsin company that sells, services, rents and leases Hi-Rail trucks and related equipment. The acquisition strengthens RELAM's Hi-Rail product capability and expands its rental and service footprint across RELAM's existing facilities and the North American Hi-Rail market.

Smith System Driver Improvement Institute, a portfolio company of Levine Leichtman Capital Partners, has acquired Driving Dynamics, a Newark, Delaware-based provider of driver safety training for commercial fleets. The add-on expands Smith System's training capabilities (virtual and in-person classroom, behind-the-wheel, eLearning and risk management) and further consolidates its market position in fleet safety services.

Horizon Transport and its affiliate Wave Express implemented an Employee Stock Ownership Plan (ESOP) effective December 31, 2022, transferring ownership from founder Marion Schrock to the companies' employees. The move makes Horizon and Wave Express 100% employee-owned (covering about 95 employees jointly) and was pursued by Schrock as a founder succession/exit alternative to a sale to private equity or competitors.