Household Goods Mover Suddath Acquires Secor
SuddathThis story appears in the Dec. 14 print edition of Transport Topics.
The Suddath Cos., one of the nation’s largest household goods movers, announced it has acquired The Secor Group, a moving and storage firm that has been in business for 125 years.
While terms were not disclosed, Suddath officials said the acquisition is the largest to date for the 96-year-old Jacksonville, Florida-based company, which ranks No. 58 on the Transport Topics Top 100 list of the largest for-hire carriers in the United States and Canada. The company is the fourth-largest carrier in the household goods and commercial delivery sector, with revenue of $500 million in 2014.
“It’s a strategic move for us,” Suddath CEO Michael Brannigan said in an interview with Transport Topics. “In terms of volume and scope, this is meaningful growth for our organization.”
Founded in 1890 as Security Storage Co. of Washington, Secor is one of the oldest companies operating in the District of Columbia. The company has helped a number of U.S. presidents, including Barack Obama, move into and out of the White House, and its former headquarters at 1501 Pennsylvania Ave., was represented for several decades on the back of $10 bills starting in the 1920s.
Chuck Lawrence, CEO of Chantilly, Virginia-based Secor, said the combined portfolio of services “will collectively equip us to better meet the ever-changing needs of clients around the world.”
Suddath and Secor were founding agents for Atlas Van Lines and Allied Van Lines and helped to establish international networks and quality certification programs for moving and storage companies.
Both are now affiliated with UniGroup Inc., a holding company for United Van Lines and Mayflower Transit, and with combined annual revenue of $1.7 billion is the nation’s largest household goods mover.
Brannigan, who was named CEO of Suddath in May, said the deal to acquire Secor had been in the works for a while and was part of an exit strategy by shareholders of Secor.
“We are both history-rich, proudly rooted organizations that take moving personally each and every day, whether it’s people, products or businesses,” Brannigan said. “Joining forces makes tremendous business sense.”
Established in 1919, Suddath offers moving and storage services, warehousing and logistics management. The company has more than 2,000 employees, more than 30 locations and 2.5 million square feet of storage space in the United States, Hong Kong, London and Shanghai.
Recent acquisitions by Suddath have included Horizon Moving Systems in 2013 and Swartz Moving and Storage in 2014.
The Secor Group consists of Security Storage Company of Washington, Federal Forwarding, Federal Moving and Storage, Security International, Security International Logistics, Davidson Transfer and Storage, Davidson Forwarding, Bolliger S.p.A, Special Products Transfer, Vision Relocation and West End Moving and Storage.
Brannigan said Suddath will retain about 150 of Secor’s employees and a fleet of 200 tractors, trucks and trailers, along with facilities in Dulles, Virginia; Gaithersburg and Forestville, Maryland; and Stanford, Connecticut.
Each of Secor’s business units will be rebranded, Brannigan said.
