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February 13, 2019 12:15 PM, EST

Redwood Logistics Acquires Strive Logistics

Dispatchers at Redwood Logistics' Chicago office Dispatchers at Redwood Logistics' Chicago office. (Redwood Logistics)

Redwood Logistics said it is acquiring Strive Logistics, a move that will create a multimodal freight brokerage firm with more than $1 billion in freight under management.

Both companies are based in Chicago. Terms were not disclosed.

“We see this as a major step in establishing Redwood as an industry leader and a transformative force in the marketplace,” said Mark Yeager, CEO of Redwood. “Strive has made significant investments in both its people and its proprietary technology and we are very excited to welcome the Strive team and its technology to the Redwood family.”

Strive launched in 1995 and developed a proprietary transportation management system called LoadRunner that incorporates artificial intelligence and process automation to help manage the movement of freight.

The combined enterprise will operate under the Redwood brand name with Strive CEO Ben Greene, president Jon Provus and other top managers joining the Redwood organization, according to a Feb. 11 statement issued by Redwood.

Redwood is a portfolio company of CI Capital Partners, a private equity investment firm based in New York, and ranks No. 20 on the Transport Topics list of top freight brokerage firms in North America based on net revenue of $65 million in 2017. Strive ranks No. 36 on the TT list with net revenue of $33 million in 2017.

Based on combined net revenue, Redwood would have ranked among the top 15 largest freight brokerage firms in 2017. — Transport Topics