Two of the largest carriers in the U.S. expect to ring in the New Year a little larger.
Penske Logistics (No. 19, CCJ Top 250) announced Monday it has reached an agreement to acquire 2,000-truck Black Horse Carriers (No. 53). The terms of the agreement were not disclosed.
“The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years,” said Marc Althen, president, Penske Logistics. “This acquisition will be complementary to our existing portfolio of customers and industries within our dedicated contract carriage business. We look forward to working with the Black Horse Carriers team on this acquisition and the integration of our operations.”
The agreement is subject to customary closing conditions, including regulatory approvals, but companies expect the deal to close on Dec. 31.
Founded in 1925, Chicago-based Black Horse Carriers operates out of more than 90 terminals across the U.S., providing services to the food and grocery, retail, bakery, dairy, CPG, manufacturing and automotive industries.
“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.”
J.B. Hunt acquires niche final mile carrier
J.B. Hunt (No. 3) also announced Monday it has acquired the assets of 21-truck Mass Movement, a carrier that provides logistics, delivery, assembly and installation services for the commercial fitness industry.
The transaction was funded using cash on hand, and the law firm of Mitchell, Williams, Selig, Gates & Woodyard, PLLC served as legal advisor to J.B. Hunt.
Mass Movement, founded in 1996 by Dom Simonetti and Jim Sullivan, finished 2019 with revenues of $29 million. Both founders will become employees of J.B. Hunt and will continue in leadership roles as the mega-carrier expands its fitness equipment delivery business.
“Mass Movement presents an opportunity to expand our expertise in the final mile delivery of big and bulky products,” said John Roberts, president and CEO of J.B. Hunt. “The acquisition complements our current service and will enhance our ability to meet the growing demand of customers in the commercial health and fitness industry.”