Freight News:
Pitt Ohio acquires partner carrier Teal’s Express
Less-than-truckload carrier Pitt Ohio announced Wednesday it has expanded its service to New York via the acquisition of Teal’s Express. This is another deal in which Pitt Ohio has acquired a partner carrier.
Financial terms of the transaction were not disclosed. The change is effective Aug. 14.
Watertown, New York-based Teal’s Express operates 11 terminals throughout the Northeast, predominantly in central and upstate New York, providing regional service in the Northeast and Canada. The 96-year-old carrier has been partnering with Pitt Ohio since 2016 to provide service in and out of New York state.
Under the deal, Pitt Ohio will integrate the terminals and equipment of Teal’s Express into existing operations. Teal’s Express will cease operations on Aug. 13. The following day, Pitt Ohio will begin to provide direct LTL service to and from New York. Service between New England and New York state will continue to be provided by Pitt Ohio’s sister company, Ross Express.
Prior to the deal, Pittsburgh-based Pitt Ohio operated 21 facilities in the mid-Atlantic and Midwest. The privately held regional LTL carrier also provides national coverage through partners. It has inked similar deals with LTL sister companies Dohrn Transfer, US Special Delivery and Ross Express.
Trucking companies have used M&A to add drivers, tractors and terminals during the pandemic as each proved difficult to procure once volumes ballooned. Pitt Ohio recently commented that it would look to solve for a lack of capacity through acquisitions.
Pitt Ohio is a top-15 LTL carrier, generating $780 million in revenue during 2021, according to SJ Consulting. The carrier has more than 3,000 employees and also offers a suite of supply chain services as well as ground and truckload transportation.
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Source: freightwaves - Pitt Ohio acquires partner carrier Teal’s Express
Editor: Todd Maiden