Freight News:
3PL, warehousing provider WSI acquires El Paso carrier
Third-party logistics provider Warehouse Services Inc. (WSI) announced Thursday it has acquired dry van truckload carrier Sky Transportation Services.
El Paso, Texas-based Sky Transportation is a Customs Trade Partnership Against Terrorism-certified regional carrier. It operates in the Southwest U.S. specializing in cross-border shipments. Sky has 200 power units registered, according to Federal Motor Carrier Safety Administration data.
Financial terms of the transaction were not disclosed but the acquisition is expected to add more than $60 million to WSI’s top line.
“The company provides greater density for us in key markets and very importantly it provides a meaningful expansion of capabilities across the border, which will enable us to better meet the needs of our customers,” said Barry Cox, WSI president. “The acquisition also adds depth to our management bench.”
Based in Piedmont, South Carolina, WSI is a privately held provider of 3PL and warehousing services primarily in the Eastern U.S. It also has locations along the U.S. West Coast and Eastern Canada. The 37-year-old company has more than 4,000 employees operating out of facilities totaling more than 20 million square feet of space.
“WSI and Sky have very similar cultures — where safety and customer satisfaction are pivotal to our value proposition,” said Albert Luna, founder and CEO of Sky. “The enhanced set of services and scale that WSI provides will rapidly accelerate our strategic objectives.”
Luna will retain a leadership position, the news release said.
Wofford Advisors LLC served as strategic adviser to WSI on the transaction and FV Advisory Group was the financial adviser to Sky.
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