ABF Logistics Acquires Broker Bear Transportation for $26 Million
ArcBest’s ABF Logistics unit acquired broker Bear Transportation Services for $26 million to broaden the buyer’s service offerings.
The purchase of Bear, which has offices in Plano, Texas, and Fayetteville, Arkansas, is the second this year by ABF Logistics as ArcBest continues to add non-asset-based services to complement its less-than-truckload service, ABF Freight. Bear has more than 140 employees and approximately $120 million in annual revenue.
“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,” ABF Logistics President Jim Ingram said. “We have admired the Bear organization for years and have been impressed with the skill sets and innovative IT concepts we have seen in action.”
Earlier this year, ABF Logistics bought Oklahoma City-based Smart Lines Transportation Group.
The move could increase ABF Logistics’ revenue by about 60%, based on 2015 performance. ABF Logistics is part of the non-asset-based unit of ArcBest, which ranks No. 12 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
ABF Freight still accounts for 70% of corporate revenue, but non-asset-based business has grown to provide about 30% of the company’s revenue.
“We are pleased to find a strategic buyer with a strong culture and a clear growth plan,” said 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.”
