Hub Group (CCJ Top 250, No. 34) is purchasing the intermodal assets of refrigerated heavyweight Marten Transport (No. 37).
The $51.8 million acquisition of Marten Intermodal adds 1,200 refrigerated containers to Hub Group's temperature-controlled intermodal business and makes the company the second-largest refrigerated container solutions provider in North America.
“We are excited to more than double Hub Group’s temperature-controlled container fleet and leverage our existing intermodal network to serve Marten Intermodal’s customers,” said Phil Yeager, Hub Group’s president, CEO and vice chairman. “This opportunity aligns with our long-term investment strategy, expands margin, and preserves capital flexibility. We are committed to sustaining the strong service and growth momentum of our leading temperature-controlled intermodal offering.”
Hub Group last year formed a joint venture with EASO, Mexico’s largest intermodal carrier, and in a presentation to its investors Wednesday, Hub Group noted the refrigerated container capacity from Marten provides equipment for existing customer demand and will help establish refrigerated service in Mexico.
Marten Intermodal's customer mix includes roughly 100 shippers in the food and beverage segments. Temperature-controlled intermodal transportation provides shippers the competitive advantages of reliable service and lower cost as compared to over the road temperature-controlled transportation.
Marten Intermodal services generated $51.5 million in revenue over the trailing 12 months ending June 30, 2025. The combined business will use Hub Group’s existing intermodal network and will operate under Hub Group’s current rail contracts and chassis agreements once the transaction closes, which is expected by the end of the third quarter this year.
Hub Group has shown a willingness to spend big dollars to grow its marketshare. The company in late 2023 acquired Forward Air Final Mile, a subsidiary of Forward Air Corporation (No. 34), for $262 million.
