Penske Logistics to Acquire Trucking Company Black Horse Carriers
READING, PA - With operations across North America, South America, Europe, and Asia, Penske Logistics is already a well-known name in transportation and across industries. To expand its reach even further, the company has revealed that it will be acquiring Chicago-based trucking company Black Horse Carriers. The anticipated closing of the deal is on December 31, 2020, however financial terms were not disclosed.
"The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years," said Marc Althen, President, Penske Logistics. "This acquisition will be complementary to our existing portfolio of customers and industries within our dedicated contract carriage business. We look forward to working with the Black Horse Carriers team on this acquisition and the integration of our operations."
Black Horse Carriers is a privately held trucking company which focuses on serving the food and grocery, retail, bakery, dairy, CPG, manufacturing, and automotive industries, according to a press release.
With over 4,000 employees and a fleet of more than 2,000 transportation vehicles serving 90 terminals nationwide, Black Horse will help elevate Penske to new heights. And with grocery and fresh food as key categories for the company, ANUK suspects that this acquisition will expand Penske's prowess in those areas.
"We're very excited about joining the Penske organization," said Ken Landego, CEO of Black Horse Carriers. "The synergies created by the combination of both companies will benefit our customers from a service-level standpoint and elevate our technology capabilities. We look forward to this new journey together."
The transaction to acquire Black Horse is subject to customary closing conditions, which includes certain regulatory approvals. With the closing slated for the end of the year, how will this new acquisition impact the produce industry? Keep a tab open for ANUK to find out.