Logistics Firm Mode Reaches Agreement in $2.3 Billion Merger With SunteckTTS
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Dallas-based Mode Transportation and SunteckTTS Inc. have reached an agreement to merge the two transportation and logistics companies under the Mode branding, generating more than $2 billion in annual revenue, according to a release.
The two companies believe the merger will allow it to leverage even larger scale and resources to serve the shipping and logistics market. Mode Transportation’s services will include freight services across trucking, rail, air and sea. The company anticipates it will see more than 1.5 million annual customer shipments.
We're joining forces with @SunteckTTS, a top 3PL provider headquartered in Jacksonville, Florida. Our combined revenue will exceed $2 billion and we will be in a position to serve our customers better than ever before. For details: https://t.co/pXRVuiDh2Z pic.twitter.com/1qhhtF1Az0
— MODE Transportation (@MODETrans) November 18, 2019
“We are very excited to announce this transaction with SunteckTTS. Our two companies are built on a similar culture of outstanding customer service,” Mode CEO Jim Damman said in a statement, “The addition of SunteckTTS’ robust agent, product and customer base further strengthens Mode’s broad diversity of service offerings, while continuing to position Mode as a premium provider of technology-driven logistics.”
Once the merger is complete, Damman will become the chief executive of the new company and its operations will remain based in Dallas. SunteckTTS CEO Ken Forster will become president and chief operating officer of the new company.
The SunteckTTS team is excited to join forces with @MODETrans, another leading 3PL provider based in Dallas. The combined company will generate more than $2 billion in multimodal revenue per year & process at least 1.5 million shipments per year. https://t.co/NRE4P4RRp7 pic.twitter.com/yyg2V65N9u — SunteckTTS (@SunteckTTS) November 18, 2019
Mode recently announced it was moving headquarters in Dallas to a new facility that would nearly double its space. The logistics firm recorded $600 million in revenue before it was acquired by an affiliate of York Capital Management in 2018 in a deal valued at $238.5 million.
Mode ranks No. 12 and SunteckTTS No. 10 on the Transport Topics list of Top Freight Brokerage Firms.
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