M&A

Phoenix-based Knight-Swift Transportation, already the biggest player in the TL market at $4.5 billion revenue last year, is buying Chattanooga, Tenn.-based U.S. Xpress, which ranked ninth in TL revenue last year at $2.2 billion. The deal is valued at $808 million, including assumption of $484 million of debt.

Waterloo, Ontario-based Descartes, a provider of logistics based on-demand, software-as-a-service offerings, is expanding its final-mile services portfolio, announcing this week it has acquired Minneapolis-based GroundCloud, a cloud-based provider of final-mile carrier solutions and road safety compliance tools. The purchase price was $138 million, according to Descartes.

The purchase price was around $1.99 billion (USD), and it is expected to be made official in the first half of 2023, with Trimble acquiring Transporean from software and services investor and Transporean’s majority shareholder, Hg.

This acquisition adds significant scale to the company’s UPS Healthcare unit, with temperature-controlled facilities in 14 countries, as well as 3,000 new employees throughout Europe and Latin America.

Forward Air Corporation recently announced that it has entered into an agreement to acquire the assets of Chickasaw Container Services, Inc. (“CCS”), a privately held intermodal drayage provider. The transaction will be funded from cash on hand and is expected to close in November 2022.

Established in 1955, Fuchs Trucking initially hauled livestock and forest products, subsequently moving to serving building materials and furniture sectors by offering dedicated capacity with specialized dry van configurations.

Echo officials said that Fastmore’s domestic operations are similar to those of Echo’s, with the real benefit of bringing Fastmore into the fold is that it offers up what it called a unique point of entry into an expansive network of expedited brokerage for the international freight forwarding market through various types of equipment, including: cargo vans, straight trucks, and full truckload.

GEODIS officials said that Need It Now Delivers operates as an expansive domestic road freight network with over 65 company locations and 300 distribution points, providing strong national coverage, particularly in the eastern U.S. The acquisition significantly expands GEODIS’s U.S. presence in the areas of contract logistics and final mile delivery and strengthens its end-to-end freight network domestically and internationally.

Under the terms of the deal, the all-stock transaction, which Prologis said is valued at approximately $23 billion and was approved by Prologis and Duke shareholders, includes the assumption of debt, with the company adding it “expands Prologis’ presence in key U.S. markets.

Under the terms of the deal, DB Schenker said it will acquire all outstanding shares of USA Truck common stock for $31.72 per share in cash, adding that the transaction values USA Truck at roughly $435 million, including assumed cash and debt.

Copenhagen, Denmark-based A.P. Moeller Maersk, an integrated container logistics services provider, said today it has completed its acquisition of Hong Kong-based contract logistics services provider LF Logistics.

Established in 2006, TAGG Logistics has more than 4 million square-feet (SF) of warehousing space throughout the U.S., which Hub officials said allow for best-in-class and responsive e-commerce and B2B fulfillment capabilities. TAGG is on track to generate approximately $200 million of annual revenue in 2022. The company has approximately 800 employees at its 18 facilities.

Itsaca, Ill.-based third-party logistics (3PL) services provider and global freight forwarder SEKO Logistics announced it has acquired Commerce, Calif.-based 3PL and fulfillment services provider Pixior LLC. Financial terms were not disclosed. Established in 2000, Pixior has seven West Coast locations along with a Connecticut location, too, with the company providing e-commerce fulfillment and retail services, geared towards high-end fashion brand shippers.

Logistics Management Group News Editor Jeff Berman and Tom Madine, CEO of Worldwide Express, a Dallas-based privately held freight brokerage and authorized UPS reseller, spoke about various industry topics at the “Industry Keynote” at the SMC3 Connections ’22 conference in San Diego in late June.