Dive Brief:
- Purdy Brothers Trucking said Aug. 23 it acquired assets from Phoenix Leasing of Tennessee, helping another phase of expansion.
- The carrier has also entered into an agreement to contract drivers from Phoenix sister company Colonial Freight Systems, which is shuttering operations. The deal adds more than 55 lease-purchase drivers to Purdy Bros.’ fleet, including 50 new tractors.
- A spokesperson said in an email that Colonial’s shutdown doesn’t affect the deal. “We picked up business where they left off with certain key customers,” the company told Transport Dive. Terms of the deal weren’t disclosed.
Dive Insight:
PS Logistics has used M&A to accelerate growth, acquiring 27 trucking and brokerage operations since 2007.
Earlier this month, another PS Logistics subsidiary, DMT Trucking, acquired Noble trucking and logistics assets. The deal expanded DMT’s fleet to over 400 power units and more than 1,000 trailers.
“PS Logistics has been very supportive of our drivers, customers, and operators, which has enabled us to significantly grow our business,” DMT Trucking President Harold Smith said in a news release. “We wouldn’t be where we are today without them.”
Private investors have helped fuel PS Logistics’ expanded portfolio of companies. Investment firm One Equity Partners, which had a partnership with PS Logistics from 2018 to 2021, helped with over a dozen acquisitions.
Meanwhile, Institutional investor British Columbia Investment Management Corporation and Gamut Capital Management began a partnership with the logistics company last year.
Other companies have recently used M&A to fuel driver additions amid pushes to recruit and retain workers. Heartland Express announced a $525 million deal Aug. 22 with TFI International to gain around 2,000 tractors, 7,800 trailers and 2,800 employees.
