Electric Vehicle Mandates fom New York City & Other Metro Areas Create New Supply Chain Challenges, Opportunities RK Logistics has recently acquired an east coast trucking company as part of an expansion plan using “tuck-in” acquisitions—a strategy of acquiring smaller complementary businesses to expand service offerings, and reach new geographic markets—which gives sellers capital and resources they need to survive and grow. This was the rationale behind California-based RK Logistics’ latest move, leaping across the country to acquire a small regional trucking company on Long Island. The deal gives RK a foothold in the New York City market and extends into New Jersey and Connecticut. The New York City area is a key market for electric vehicles and supporting EV technologies. The city wants all for-hire taxis and rideshare cars — more than 100,000 vehicles — to be EVs by 2030. That’s in addition to vehicles in the city’s fleet. On Time, which has a terminal on Long Island and specializes in delivering bulky less than-truckload goods, operates with team drivers in New York City’s five boroughs. According to Joe MacLean, chairman and CEO of RK Logistics Group, On Time trucking is the first of over 100 acquisitions considered. “With significant interest from customers who wanted EV technology logistics, the next logical place to go was the East Coast,” MacLean said. On Time’s founder Daniel Leitgeb will continue leading the trucking company as president, ensuring continuity in customer service, as they expand services into EV industries, as well as other high-tech, high-value goods. #evbatteries #newyork #lessthantruckload #logistics
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RXO is set to acquire Coyote Logistics from UPS, creating the third-largest provider of brokered transportation in North America. This strategic move is expected to be immediately and significantly accretive to RXO's adjusted diluted earnings per share and adjusted free cash flow. The acquisition will expand RXO's market position, offering increased capacity for customers and enhanced access to freight for carriers. The purchase price for this transaction is $1.025 billion in cash. To fund the acquisition, RXO will utilize a mix of equity and debt, expected to be leverage-neutral, with over 50% of the purchase price covered by fully committed equity from two of RXO's largest shareholders.
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Mullen Group Ltd.’s Q4 revenue edged down less than 1% year over year to $498.6 million, as incremental revenue from acquisitions helped offset lower #fuel surcharge revenue and soft #freight and #logistics demand. Net income fell 52.2% to $32.1 million, but largely due to a $29.3 million gain on sale of property, plant and equipment that Mullen enjoyed in Q4 2022. It improved its operating margins from 15.4% to 15.9%. #trucking #truckingindustry #transportation #mergersandacquisitions https://lnkd.in/gN_6tFZN
Opportunistic Mullen Group sees chance to add LTL density - Truck News
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Today’s Trucking’s annual list of Canada’s Top 100 largest for-hire carriers reflects the impact the economic climate had on the trucking industry’s landscape. You will see seven new names on the list this year, while some have disappeared, in some instances due to mergers and acquisitions. The Top 5 largest carriers remained the same, with TFI International and Day & Ross maintaining the top two positions. However, Bison Transport moved to the third spot on the list.
Shifting trucking landscapes: Canada’s 2024 Top 100 Largest Carriers list reflects industry changes - Truck News
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The trucking industry is poised for increased merger and acquisition (M&A) activity due to a combination of factors, including rising interest rates, a cooler freight market, and generational trends. Smaller carriers, which expanded during the pandemic to take advantage of high rates, are now struggling in a weakened economy, creating opportunities for larger carriers with cash reserves to pursue acquisitions. This article explores the evolving landscape of the trucking industry's M&A market, with experts predicting a resurgence in deal-making in the coming years. #TruckingIndustry #MergersAndAcquisitions #TransportationSector #MarketTrends https://lnkd.in/gqJ73uek
Trucking M&A is poised to heat up
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Blue Point, along with our portfolio company Transtar Industries, is pleased to announce the acquisition of Arch Auto Parts, the largest independently owned parts distribution business in the greater New York City area. Arch was founded in 1979 with a single Queens location and has since grown to 21 stores and two warehouses with a focus on customer service, product delivery and extensive inventory offerings. Looking forward, Transtar Holding Company plans to pursue further acquisitions and drive the breadth of the portfolio’s capabilities, offerings and geographies served. Find our full announcement about this acquisition here: https://lnkd.in/eF-GQv_k #automotive #automotiveindustry #privateequity #acquisition Brian Castleberry Megan Kneipp Note: Certain statements about Blue Point Capital Partners made by portfolio company executives herein are intended to illustrate Blue Point Capital Partners’ business relationship with such persons, including with respect to Blue Point Capital Partners’ facilities as a business partner, rather than Blue Point Capital Partners’ capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Blue Point Capital Partners-sponsored vehicles.
Blue Point-Backed Transtar Holding Company Adds Arch Auto Parts to…
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Last week, we announced the addition of PPi Automotive, an automotive parts wholesale distributor, to the Transtar Industries platform. PPi was founded in 1974 and provides premier aftermarket auto parts to professional installers, repair shops and dealerships in the greater Pittsburgh and surrounding areas. PPi joins Transtar as part of NexaMotion Group, a family of industry-leading automotive aftermarket brands. Transtar is continuously seeking well-aligned acquisitions for the platform — business owners interested in learning more may contact Blue Point Managing Director, Business Development Megan Kneipp at mkneipp@bluepointcapital.com. Read more about the acquisition here: https://lnkd.in/ekqFZ9sm #automotive #automotiveindustry #privateequity #acquisition Brian Castleberry Megan Kneipp Note: Certain statements about Blue Point Capital Partners made by portfolio company executives herein are intended to illustrate Blue Point Capital Partners’ business relationship with such persons, including with respect to Blue Point Capital Partners’ facilities as a business partner, rather than Blue Point Capital Partners’ capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Blue Point Capital Partners-sponsored vehicles.
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Property & Casualty Consultant at USI Insurance Services | Advising on Capital-Efficient Insurance and Risk Management
Some Exciting news for the trucking industry 🚚📈 Mergers and Acquisitions Set to Heat Up 🔥 The trucking industry is gearing up for some major changes as mergers and acquisitions are expected to increase. This article dives into the reasons behind this trend, including rising demand for shipping services and the need for operational efficiencies.
Trucking M&A is poised to heat up
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Canada-based Trimac Transportation has acquired Doyle Sims & Sons Trucking, the company announced Aug. 24. The addition of Gleason, Tennessee-based DOYLE SIMS & SONS TRUCKING, INC. Trucking expands Trimac’s bulk transport services, the company said in a statement. Trimac, a bulk hauler located in Calgary, Albert, employs 3,400 people across over 140 branch locations in Canada and the U.S. Doyle Sims & Sons Trucking launched in 1949. It primarily operates in the Midwest, Southern and Southeastern U.S., hauling non-hazardous and non-food grade products. Congrats to Trimac Transportation I have done many mergers and acquisitions over my career including integrating the data and business process from the acquiree to acquirer. Here is my blog and video on the close, consolidate, and reporting cycle. I discuss how to streamline the consolidation process. Blog – How to streamline the Close Consolidate and Reporting Cycle - https://lnkd.in/gCgD3Bux #mergers #acquisitions #divestitures #intercompany #currencytranslation #investmentregister #multicurrency #consolidation #Equity # duediligence #synergies #dataintegration
Trimac expands bulk-hauling operations
truckingdive.com
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Blue Point Capital Partners, along with our portfolio company Transtar Industries, is pleased to announce the acquisition of Arch Auto Parts, the largest independently owned parts distribution business in the greater New York City area. Arch was founded in 1979 with a single Queens location and has since grown to 21 stores and two warehouses with a focus on customer service, product delivery and extensive inventory offerings. Looking forward, Transtar Holding Company plans to pursue further acquisitions and drive the breadth of the portfolio’s capabilities, offerings and geographies served. Find our full announcement about this acquisition here: https://lnkd.in/eF-GQv_k #automotive #automotiveindustry #privateequity #acquisition Brian Castleberry Bobby Exler Note: Certain statements about Blue Point Capital Partners made by portfolio company executives herein are intended to illustrate Blue Point Capital Partners’ business relationship with such persons, including with respect to Blue Point Capital Partners’ facilities as a business partner, rather than Blue Point Capital Partners’ capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Blue Point Capital Partners-sponsored vehicles.
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For fleet owners and operators, there’s always a vehicle that needs to be moved to accommodate maintenance, upfitting, storage, or a sale, among a host of other reasons. Unfortunately, each time you deploy a worker to move them, you can lose revenue and productivity, incur potential liability, and put a dent in your bottom line. Let HopDrive make those vehicle moves for you.
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