The third-party logistics services provider purchased private, non-asset truckload brokerage Bear Transportation Services for $26 million.
ABF Logistics, a subsidiary of ArcBest, has acquired Bear Transportation Services, L.P. for $26 million all cash, subject to normal post-closing adjustments, according to a statement from the company.
Headquartered in Plano, Texas, Bear Transportation Services is a private, non-asset truckload brokerage firm serving a variety of industries. The company has over 140 employees in Plano and Fayetteville, Arkansas and annual revenues of around $120 million, according to ABF Logistics.
“This company is an excellent fit for ABF Logistics, as we believe the purchase will drive growth and profitability by combining our vision, brand and customer relationships with Bear’s deep pool of experienced sales and operations team members,” company President Jim Ingram said of the acquisition. “We have admired the Bear organization for years and have been impressed with the skillsets and innovative IT concepts we have seen in action.”
“We are pleased to find a strategic buyer with a strong culture and a clear growth plan,” added Mike Loehr, a principal owner of Bear Transportation. “Our employees and our customers will benefit from the resources and solutions ABF Logistics and the broader ArcBest organization will provide.”
ABF Logistics provides third-party logistics services including brokerage, intermodal, and ocean transport, transportation management, warehousing and household moving. Parent company ArcBest, which also owns less-than-truckload and expedited shipping carrier ABF Freight, has previously said it would look to its logistics businesses both organically and through acquisitions that add scale to existing services.
This is the second acquisition of the year for the company, which was created in 2013. ABF Logistics purchased Oklahoma City-based Smart Lines Transportation Group in January.
ABF Logistics acquires truckload brokerage firm
