Canada’s Fastfrate Group reportedly acquired a controlling interest in truckload and logistics outfit Challenger Group. Financial details of the deal were not initially disclosed, but the move increased Fastfrate’s cross-border capabilities.
“Our acquisition of the Challenger Group brings together two iconic organizations in transportation and supply chain,” Fastfrate Group chairman Ron Tepper reportedly said. “Together, we are a force within our industry that will compete collectively to deliver a complete and complementary suite of solutions to customers. This will serve to help our customers as supply chains become more diverse.”
Fastfrate Group has been growing for more than a half-century and now oversees seven subsidiaries across 40 facilities in Canada and the U.S. These include Canada Drayage, Bestway, ASL Distribution, and United Transfer Limited, among others. Officials indicate that Challenger Group will function independently and workers are expected to remain in place.
“Who we are won’t change,” Challenger CEO Jim Peeples reportedly said. “Like Fastfrate Group, we remain focused on delivering exceptional service, maintaining a people-first culture, and providing end-to-end services that meet our customers’ needs. Those common values are what will drive our collective success.”
Private Equity Firms Secure Stake in Freymiller
Freymiller, an Oklahoma City trucking outfit, recently saw private equity firms Angeles Equity Partners and KJM Capital purchase a controlling interest. With more than 600 trucks, Freymiller reportedly offers refrigerated load, dedicated refrigerated trucking, logistics brokerage, and intermodal transportation on a national level. Freymiller president and CEO David Freymiller reportedly plans to collaborate with the equity firms and ramp up the organization’s growth.
“This investment represents an opportunity for us to accelerate our growth. We will focus on our mission to provide the most reliable temperature-controlled services to our partners while staying true to our values of safety, professionalism, integrity, and excellence,” Freymiller reportedly said. “I am looking forward to the next chapter in our company’s story in partnership with Angeles, as we provide more opportunities for our team members and expand partnerships with our customers.”
Roadrunner Restructure Continues To Improve Efficiency
The less-than-truckload operation recently added five direct services lanes, and transportation efficiency has reportedly improved. Roadrunner’s new metro lanes involve Phoenix to Chicago, Detroit to Dallas, Indianapolis to Atlanta, St. Louis to Dallas, and Cincinnati to Atlanta. Transportation times reportedly dropped by a minimum of 24 hours.
“This improvement arrives just in time for summer to benefit our many customers. We’ve spent the last two years overhauling our network to make sure we only operate in lanes where we can provide service and quality,” Roadrunner president Frank Hurst reportedly said. “As a result, we’ve seen our on-time service percentage increase dramatically across the network.”
Roadrunner enjoys a network that includes upwards of 900 independent contractors, 32 dedicated service centers, and more than 100 pick-up and delivery drivers. The organization recently restructured by selling non-essential assets and investing in improved technology. Much of the overhaul focuses on simplification and an increased focus on less-than-truckload endeavors.
“This is the second time this year we’ve sped up our network and reduced transit times, and we’re not stopping here,” Hurst reportedly said.
Sources:
https://www.freightwaves.com/news/fastfrate-challenger-acquisition-canada-cross-border-trucking
https://www.yahoo.com/now/fastfrate-group-announces-majority-acquisition-110000721.html
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