CRST Buys Pegasus Transportation
CRST International Inc. announced the acquisition of Pegasus Transportation Inc. to continue the expansion of the buyer’s service offerings.
Pegasus, in Louisville, Kentucky, offers services such as temperature-sensitive shipments for health sciences and other customers, as well as just-in-time automotive freight, said the statement from CRST, which ranks No. 24 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers. CRST, in Cedar Rapids, Iowa, didn’t disclose terms.
The acquisition is the latest in a series of freight sector combinations early in 2015, including the purchase of APL Logistics and Australia’s Toll Group. Both of those companies are international logistics operators. In the United States, No. 31 Knight Transportation bought Barr-Nunn Transportation late last year, and Knight CEO David Jackson said more acquisitions are being studied.
“We are always in search of adding companies to our portfolio that offer services which allow us to expand our capabilities for our customers,” said Dave Rusch, CEO of CRST International. “The acquisition of Pegasus Transportation further complements our service offering through high-value, high-security transportation services.”
CRST’s move, which was funded with available cash, continues the company’s growth strategy that has raised annual revenue above $1.5 billion. CRST initiated team temperature-controlled service and made three acquisitions in the past 24 months.
Group President Mike Gannon said in a statement that the acquisition will improve fleet utilization and operating efficiency in addition to expanding temperature-controlled offerings.
