Intermodal specialist IMC Companies and freight forwarder American Fast Freight are the latest freight companies to announce acquisitions.
IMC, which is No. 90 on the Transport Topics Top 100 list of largest U.S. and Canadian for-hire carriers, said it’s purchased Progressive Transportation Services, a California logistics and trucking company to broaden its
West Coast services. American Fast Freight’s acquisition was Global Transportation Services, another freight forwarder that is also based in the Pacific Northwest. Neither buyer announced the terms of their transactions.
The announcement follows a series of acquisitions over the past month, including No. 7 Schneider’s purchase of less-than-truckload fleet Watkins & Shepard.
“A desire to expand our geographic footprint led us to do an extensive search over the past two years to find the right company to give us an established presence in California,” said Mark George, chairman of IMC. “We vetted more than 25 companies and chose PTS above all based on their stellar performance record, service offerings and core values that are aligned with those of our organization.”
Progressive on July 1 became the ninth company to become part of IMC, Memphis, Tennessee. Progressive serves the Los Angeles, San Francisco and Stockton, California areas, using a staff of 250 workers.
“The purchase of GTS will expand AFF’s geographic footprint and will create a global logistics platform that offers enhanced service capabilities to AFF and GTS customers,” said a statement from AFF.
American Fast Freight, based in the Seattle area, said that GTS will be a new unit of the buyer, which is controlled by The Resolute Fund II, L.P., a private equity fund.
Jason Totah, president of GTS, will continue to manage that business after investing a portion of the proceeds in AFF after the sale, a statement from the buyer said.
The move expands American Fast Freight, which last year entered the Caribbean market, also through an acquisition.
