Ruan announced Friday it has acquired regional dedicated carrier National Truck Brokers, Inc. (NTB).
Based near Grand Rapids, Michigan, NTB is a family-owned carrier with more than 235 trucks, 830 trailers and 270 employees, hauling freight for grocery stores across the Midwest. The fleet will continue to operate separately under the NTB banner.
Financial terms of the transaction were not provided.
Founded by Dan Koster nearly 50 years ago, NTB was run by his three sons before entering the sale agreement with Ruan.
“My father built this great organization from the ground up, and it is our desire to chart a long and prosperous road ahead for the company,” said Rick Koster, NTB chairman. “Sometimes charting the best path to accelerating progress and sustainability requires taking strategic leaps like joining forces with the right parent company. This agreement with Ruan provides a great opportunity for NTB to continue to grow and provide stability for our team members and customers.”
Ruan plans to replace NTB’s entire truck fleet with late-model units in the coming months.
“Refreshing NTB’s fleet is just one of many ways that Ruan and NTB will partner to serve our valued customers and team members,” said Bob Elkins, Ruan’s senior vice president of operations.
Based in Des Moines, Iowa, Ruan is a 90-year-old, family-owned transportation and logistics provider. The carrier operates one of the largest fleets in the U.S, with roughly 3,500 trucks, 8,000 trailers and 5,000 employees working in more than 300 operations.
Ruan is not new to M&A, but that hasn’t been its primary growth mechanism in the past.
“Growth through acquisition has been relatively uncommon at Ruan, but we have done so selectively when there’s a true, strategic fit and the opportunity to sustain and strengthen relationships with important customers,” said third-generation operator and Ruan CEO Ben McLean. “We’ve found these positive elements at NTB.”
More FreightWaves articles by Todd Maiden
- Schneider beats in Q3, echoes slowing demand trends
- Forward Air sees further growth in 2023 as macro cools
- Old Dominion says volume weakness could clear by spring