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Penske Logistics announced it reached an agreement to acquire Chicago-based trucking company Black Horse Carriers Inc., creating a merger of two of the nation’s largest for-hire carriers that have a history of doing business together.
Financial terms were not disclosed.
The transaction, which is subject to the customary closing conditions, is expected to be complete by Dec. 31.
Founded in 1925, Black Horse Carriers is a privately held trucking company that provides services to the food and grocery, retail, bakery, dairy, consumer product goods, manufacturing and automotive industries.
The company employs about 4,000 people, operates a trucking fleet of about 2,000 vehicles and services customers from about 90 terminals across the United States, according to Reading, Pa.-based Penske.
“The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years,” Marc Althen, president of Penske Logistics, said in a release. “This acquisition will be complementary to our existing portfolio of customers and industries within our dedicated contract carriage business.”
Penske Logistics ranks No.15 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, and reported its 2019 revenue as $2.6 billion. It ranks No. 8 on the Transport Topics Top 50 list of the largest logistics companies.
Black Horse Carriers ranks No. 61 on the for-hire TT100, with annual revenue of $561 million.
“We’re very excited about joining the Penske organization,” said Ken Landego, CEO of Black Horse Carriers. “The synergies created by the combination of both companies will benefit our customers from a service-level standpoint and elevate our technology capabilities. We look forward to this new journey together.”
Penske Logistics is a Penske Transportation Solutions company. It provides supply chain management and logistics services to companies around the world.
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