Stockholders for TravelCenters of America recently approved a buyout by BP in a deal estimated at $1.3 billion. TA has a reported 281 highway locations that are expected to complement BP off-highway convenience and fuel stations. Some are hailing the buyout as the first blockbuster deal impacting the truck transportation industry in 2023.
“We have improved our core travel center business, expanded our network, launched eTA to prepare for the future of alternative fuels and improved our operating and financial results, none of which we could have accomplished without the hard work and dedication of our employees at every level,” TA CEO Jonathan M. Pertchik reportedly said.
TFI International Acquiring A Pair of Trucking Operations
A North American transportation and logistics leader, TFI International recently announces a deal to buy Siemens Transportation Group right on the heels of completing the purchase of Hot Line Freight Systems. Although terms of the transactions were not initially released, the moves are expected to expand TFI’s less-than-truckload capabilities in the U.S. and Canada.
“We are pleased to be expanding our LTL footprint in both Canada and the U.S. with these two LTL acquisitions,” TFI International CEO Alain Bédard reportedly said. “STG’s impressive family-run approach has attracted a loyal customer base across diverse industries, and its compelling geographic presence and well-maintained equipment strategically complement our growing network. Hot Line is another highly attractive acquisition with well-run operations and a strong presence in the Midwestern U.S. that will further bolster our LTL presence while allowing us to ramp its cross-border business.”
The more than 60-year-old family-owned business has 11 terminals in Canada and 4 in the U.S. Generating revenue north of $150 million annually, based on Canadian currency, TFI plans to keep the leadership teams of both organizations in place.
Penske Deal Adds Thousands of Trucks
Penske Truck Leasing reportedly reached an agreement to purchase Star Truck Rentals, an organization with more than 1,900 trucks operating from 18 locations. Star Truck Rentals enjoys a customer base that spans sectors such as food, beverage, and manufacturing, among others.
“Star Truck Rentals has impressive scale in the region, an excellent reputation in the industry and a commitment to exceptional customer service,” Art Vallely, president of Penske Truck Leasing, reportedly said. “We look forward to integrating Star into the Penske brand and leveraging the best both companies have to offer to serve new and existing customers in the region.”
In March, Penske absorbed Kris-Way Truck Leasing, an outfit with assets that include more than 900 commercial vehicles in Maine and New Hampshire.
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