Werner Enterprises, Inc. announced today it has signed a definitive agreement and closed on the acquisition of 100% of the stock of Reed Transport Services, Inc. and RTS-TMS, Inc., doing business as ReedTMS Logistics.
ReedTMS, founded in 1996 and based in Tampa, Florida, is an asset-light logistics provider and truckload carrier that offers a comprehensive suite of freight brokerage and truckload solutions to a diverse customer base.
According to a statement from Werner, ReedTMS has:
- Revenues of $372 million for the 12 months that ended Sept. 30; 90% from freight brokerage and 10% from trucking
- More than 800 customers, with two-thirds of revenues in the food and beverage industries
- Minimal customer overlap with Werner and top 10 customers average eight years of tenure with ReedTMS
- An extensive freight brokerage network with 19,000 active carriers and 70,000 approved carriers
ReedTMS will operate as a standalone business unit.
“We are thrilled to welcome the accomplished ReedTMS team to Werner. ReedTMS Logistics further strengthens our freight brokerage capabilities,” said Derek Leathers, Werner’s chairman, president and chief executive officer. “ReedTMS will elevate our logistics portfolio with new customers, by expanding and diversifying our industry verticals. This transaction continues to build upon our Werner DRIVE strategy and positions us for future profitable growth. We expect this acquisition to be accretive to diluted earnings per share in year one.”
Forward Air acquires Alabama-based intermodal drayage provider
Forward Air Corporation today announced that it has entered into an agreement to acquire the assets of Chickasaw Container Services, Inc., a privately held intermodal drayage provider. The transaction is expected to close later this month.
CCS has been in business for over 30 years operating terminals in Mobile, Alabama, and Memphis, Tennessee. In addition to drayage services, CCS also provides container storage and sales at both of its locations.
The acquisition of CCS allows Forward to expand intermodal drayage operations in the Mobile market while bolstering an already strong presence in the Memphis market.
Tom Schmitt, president, chairman, and CEO of Forward said, “Our intermodal business has been a key growth area for Forward over the past few years. Chickasaw Container Services boasts an experienced team and shares our commitment to precision execution. We are excited about this acquisition, as it gives us a second base of operations in Memphis and allows us to expand in the high-value Mobile market simultaneously – making Forward Intermodal a formidable player in that region.”