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November 10, 2021 1:00 PM, EST

Strong M&A Market Continues

PS Logistics, ArcBest, Forward Air, Others Close Deals
Forward Air truck Forward Air Corp. announced Nov. 3 that it entered into agreements to acquire the assets of BarOle Trucking in Roseville, Minn. and the trucking-related assets of TKI Intermodal in Minneapolis. (John Sommers II for Transport Topics)

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Trucking is continuing to see an active mergers and acquisitions market with several deals recently announced.

Most financial terms for the deals were not disclosed by the companies.

DMT Trucking completed its acquisition of all transportation assets of Daryl Thomason Trucking on Nov. 9. DMT is a flatbed trucking subsidiary of the Birmingham, Ala.-based transportation and logistics solution provider PS Logistics.

Daryl Thomason truck

DMT Trucking completed its acquisition of all transportation assets of Daryl Thomason Trucking. (Daryl Thomason/PS Logistics)

“Over the last four decades, we have built a successful flatbed trucking operation serving outstanding customers with dedicated employees, and we will strive to continue that tradition,” said Daryl Thomason, president and founder of Daryl Thomason Trucking, which has approximately 108 trucks and is headquartered in Broken Bow, Okla.

PS Logistics said the transaction will further strengthen its operations in the Southwest and provide it with additional terminals in Broken Bow as well as Nashville, Ark.

“We are proud to welcome Daryl Thomason and his great company to the PS Logistics family,” said Scott Smith, CEO and co-founder of PS Logistics.

The Atlanta-based global freight forwarding company JAS Worldwide completed its acquisition Nov. 4 of the Sweden-based Greencarrier Freight Services International AB. The company is the freight forwarding, logistics and supply chain management division of Greencarrier Group.

“We are pleased to have completed the acquisition of Greencarrier Freight Services, our fourth acquisition of 2021,” JAS Worldwide CEO Marco Rebuffi said. “We have worked closely with Greencarrier as an agent of JAS and now welcome these talented colleagues to join the JAS family.”

JAS said the transaction further reinforces its freight forwarding activities while expanding its geographic footprint into the Nordics, Baltics and Eastern Europe.

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Forward Air Corp. announced Nov. 3 that it entered into agreements to acquire the assets of BarOle Trucking in Roseville, Minn. and the trucking-related assets of TKI Intermodal in Minneapolis. The company has been executing a growth strategy that involves organic infrastructure investments and inorganic investments like acquisitions.

“The trucking and logistics industry is under unprecedented pressure, especially within the intermodal market, as we have seen higher demand than normal,” Forward Air CEO Tom Schmitt said. “The acquisitions are a continuation of our business strategy, empowering us with the additional resources necessary to meet growing customer demand.”

Forward Air, a ground transportation and logistics services company based in Greeneville, Tenn, ranks No. 33 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 1 on the Air/Expedited sector list.

ArcBest closed its $235 million acquisition of the Chicago-based truckload freight broker MoLo Solutions on Nov. 1. ArcBest has been pursuing acquisitions as part of a strategy to enhance scale and accelerate growth.

 

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“We are pleased to add MoLo’s significant capabilities and talent to our truckload brokerage offering,” Judy McReynolds, chairman and president at ArcBest, said when the acquisition was first announced Sept. 29.

Fort Smith, Ark.-based ArcBest is an integrated logistics company founded in 1923. It has more than14,000 employees across more than 250 campuses and service centers. The company ranks No. 15 on the TT 100.

Titan Transfer announced Oct. 29 that it is acquiring the assets of the Lancaster, Pa.-based dry van carrier Central Pennsylvania Transportation (CPT). Titan said the acquisition supports its commitments to growth, safety and excellence.

“The rich history of Central Penn, their strong values, and the way they genuinely partner with their customers complements how we do business at Titan very nicely,” Titan Transfer President Phillip Edwards said.

Titan Transfer is a national truckload carrier based in Shelbyville, Tenn. The company has had other acquisitions over the last few years to support its growth strategy, including RRR Express, Reynolds Logistics and JTL Carriers.

The Canadian trucking and logistics firm XTL Group was able to enhance its North American footprint Oct. 25 by acquiring the Oakwood, Ga.-based logistics company CBT.

XTL said the acquisition is the second of its kind in its history; the first was in February with the purchase of Transport Savoie.

“We recognized the opportunity to advance our organic growth strategy with strategic acquisitions that further enhance our geographical footprint in North America,” XTL President Serge Gagnon said.

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