Sunteck, TTS Merger Now Official
The merger between Sunteck Transport Group and TTS, agreed upon in late October, is now official, the new company announced in a statement.
The new firm, Sunteck/TTS Holdings, could rank among the top 10 freight brokerage firms in the United States, with annual gross revenue of about $900 million and more than 700,000 rail and truck shipments a year, as Transport Topics reported when the deal was announced.
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“The merger allows us to leverage best practices across our combined operations and provide optimal solutions for our agents and customers,” Ken Forster, the current CEO of Sunteck and CEO of Sunteck/TTS Holdings, said in a statement released Oct. 26. “The resulting company and our agents will be well-positioned to lead the industry in serving shippers facing an increasingly complex regulatory, technological and economic environment.”
TTS and Sunteck rank Nos. 22 and 24, respectively, on the Transport Topics sector list of the top freight brokerage firms. The ranking is based on net revenue, which is gross revenue less the cost of purchased transportation. TTS had net revenue of $53.2 million in 2015, and Sunteck had net revenue of $52 million in the same period.
