Atlas Logistics Acquires TopHat Logistical Solutions
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Atlas Logistics acquired full-service logistics company TopHat Logistical Solutions in a deal announced Feb. 19.
Financial terms were not disclosed, though TopHat is valued at $50 million, according to a press release.
Parent company Atlas World Group said the move adds a home delivery network with expanded services. The Evansville, Ind.-based business already includes a network of companies that provide transportation and related services globally.
We're excited to announce Atlas Logistics Inc. has acquired TopHAT Logistical Solutions of Lake Geneva, Wisconsin! Welcome to the family, TopHAT! https://t.co/mNuxzOykKs pic.twitter.com/ahv757GkD1 — Atlas Logistics (@go_atlas) February 19, 2020
“Atlas is gaining a home delivery network that immediately strengthens our portfolio,” CEO Jack Griffin said in a statement. “TopHat presents a competitive and scalable solution for e-commerce that is both complementary to our existing suite of products and is immediately accretive to Atlas World Group’s performance around the world.”
TopHat specializes in retail home delivery, transportation and warehousing operations. Atlas also plans to bolster these services by providing additional warehousing, final-mile delivery and labor services.
“We are excited to join the Atlas World Group family,” Steve Trensch, a founding partner of TopHat, said in a statement. “Atlas gives us limitless potential for growth given its robust logistics offering, brand power and renowned industry reputation. It’s a story of small business meets big business, and our employees and customers will undoubtedly experience the benefits.”
Atlas sees the acquisition as a chance to capitalize on a booming market. Global business-data platform Statista found that the final-mile delivery market in North America was valued at $31.25 billion in 2018. That market is expected to grow to just under $51 billion in 2022.
Atlas World Group ranks No. 41 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. — Transport Topics
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