Indianapolis-based third-party logistics provider FitzMark announced Tuesday the acquisition of Fetch Logistics. The deal expands FitzMark’s network to five brokerage offices with 225 employees. Including Fetch, FitzMark projects consolidated revenue to be $300 million annually.
Financial terms of the transaction were not disclosed.
Founded in 1997, Fetch Logistics is based in Buffalo, New York, and provides third-party truckload, less-than-truckload and intermodal brokerage services throughout the U.S. and Canada.
The deal is expected to expand FitzMark’s footprint into the Northeast and improve load placement, service levels and pricing for Fetch and its shippers. Fetch is also expected to gain access to increased load availability, allowing its more than 20,000 carriers to improve asset utilization.
Fetch will migrate to FitzMark’s technology platform and adopt the brand in the first quarter of 2021.
This is the third acquisition for FitzMark in 2020 and its fourth in the past two years.
In 2019, FitzMark acquired Reliable Source Logistics, which focused on the temperature-controlled and beverage markets. In March, FitzMark acquired Logistics Made Simple, a Chattanooga, Tennessee-based 3PL focused on the flatbed industry. In October, it acquired Omaha, Nebraska-based, agriculture-focused Manning’s Truck Brokerage.
Some of the company’s growth initiatives were put on pause during the pandemic, but it has been able to broaden the organization through acquisitions this year.
“We had a plan going into 2020 that we wanted to double in size through acquisition. We are thrilled with what the FitzMark team has accomplished this year by not only strategically growing our business organically, but by also finding acquisition partners that share our employee-focused customer and carrier-centric mission that can have an immediate impact on our business,” said FitzMark founder and CEO Scott Fitzgerald.
Fitzgerald said the company’s growth campaign has been a success as its board remains supportive of deals and its sourcing and diligence teams are finding and vetting the right companies. He said the integration of these companies and the employee training process have been consistent, allowing for a smooth transition. Lastly, he noted cost advantages gained by moving acquired platforms to FirstMark’s proprietary transportation management system, DASH, as well as the acquisition of talent and leadership, which has been “instrumental in the continued success.”
“I am excited by what FitzMark brings to the table to support and enhance our business. The FitzMark team’s experience and expertise in providing truckload capacity throughout the Midwest and South will be a significant and immediate boost that will be highly valued by Fetch’s northeast shipper base,” said Fetch Logistics VP of Sales Dave Bryk. “Our customers and carrier partners will immediately benefit from the additional resources and technological capabilities of the FitzMark platform.”
FitzMark was founded in 2006. The tech-enabled 3PL and provider of transportation management system products to shippers and carriers describes itself as “a leading acquirer of high growth, high margin brokerage platforms.”
Harris Williams acted as the exclusive financial adviser to FitzMark.
