Brown Bear Transportation, a division of Roberts Energy, announced Monday that it is expanding its reach throughout the Northeast with the recent acquisition of petroleum hauler Abenaqui Carriers.
Abenaqui Carriers, a division of P.S. Marston of North Hampton, New Hampshire, has nearly 80 drivers and 45 power units, according to the Federal Motor Carrier Safety Administration’s SAFER website.
Brown Bear, the transportation arm of Roberts Energy, is headquartered in Springfield, Massachusetts, and has 75 drivers and 53 power units, according to FMCSA data.
Financial terms of the transaction were not disclosed.
Tenney Group, an M&A advisory firm that counseled Abenaqui Carriers on the sale, said the acquisition was finalized last week.
According to the Tenney Group’s release, the acquisition further expands Roberts Energy’s reach as one of the largest direct fuel suppliers and petroleum common carriers in the Northeast. Its trucking division, Brown Bear, is the fastest-growing petroleum hauler in the area.
The company will continue operating under Abenaqui Carriers with its original team. No layoffs are planned as a result of the acquisition.
“This is a win for all parties and a great example of how family-owned carriers can both exit and protect their company legacy and employees,” Tenney Group CEO Spencer Tenney said in the release.
Hazmat hauler Abenaqui Carriers, founded in 1973, specializes in transporting gasoline, jet fuel, aviation fuels, propane, heating oil, biofuels, ethanol and natural gas. The company services New England, New York and eastern Canadian territories.
Roberts Energy is a supplier of motor fuels, heating fuels and lubricants to commercial end users, wholesale customers and branded retailers, according to its website.
“Our goal is to provide Abenaqui customers with the latest conveniences and technology while maintaining the personal relationships and high level of service,” Roberts Energy President Frank Roberts said in the release. “We look forward to incorporating the specialized carrier services Abenaqui has to offer into our other markets across New England.”
Do you have a story to share? Send an email to Clarissa Hawes at chawes@freightwaves.com.
See related articles:
Schneider National blames ‘firmware defect,’ not cyberattack, for network outage
Massachusetts logistics company folds, files Chapter 7
Oakland truckers overwhelmed by looming CARB rule, supply chain obstacles
Click for more articles by Clarissa Hawes.