DB Schenker, one of the largest logistics service providers in the world, is acquiring USA Truck (CCJ Top 250, No. 68) for approximately $435 million, both companies announced Friday.
Founded nearly 40 years ago and headquartered in Van Buren, Arkansas, USA Truck's fleet includes nearly 1,900 trucks, about 1,400 company drivers and nearly 700 contracted drivers. The company says it has partnerships with more than 36,000 active contract carriers, and boasts a strategic network of terminals across the Eastern United States and a nationwide third-party logistics presence. In the Americas, DB Schenker is one of the largest integrated logistics service providers with more than 10,000 employees in 123 locations providing over 27 million sq. ft. of distribution operations to its clients. Globally it operates land, air, and ocean transportation services, and it also offers comprehensive solutions for logistics and global supply chain management.
"USA Truck is the perfect match for DB Schenker's strategic ambition to expand our network in North America and foster our position as a leading global logistics provider," said DB Schenker CEO Jochen Thewes. "Together we will enhance our shared value proposition and invest in exciting growth opportunities and sustainable logistics solutions for new and existing clients."
Thewes noted that upon closing the deal – which has already been unanimously approved by USA Truck's Board of Directors – DB Schenker seeks to strengthen and expand USA Truck's presence in North America, while utilizing its own complementary international logistics expertise, air transport services and ocean gateways to benefit USA Truck's existing customer base. DB Schenker also intends to expand its global logistics services across land, air, and ocean transportation services, as well as comprehensive solutions for logistics and global supply chain management, by leveraging USA Truck's existing U.S. and Mexico freight network.
DB Schenker is acquiring USA Truck at a cost of $31.72 per share, a deal that President and CEO James Reed said "provides immediate and significant value for USA Truck stockholders, offers broadened career opportunities for our employees and increased capacity and service offerings with which to support our customers, and better positions our company to realize our long-term vision to become the premier North American transportation solutions provider." USA Truck stock closed yesterday just under $15 per share but has traded as high as $31.67 in the past year.
"We are thrilled to have found a partner that appreciates USA Truck's rich history, is closely aligned with our mission and values, and brings additional resources that we believe enable us to build on our nearly 40-year legacy of industry leadership," he added.
DB Schenker's Executive Vice President Land Transport, Americas Region, Joe Jaska, welcomed existing USA Truck employees into the fold, calling them "an integral part of our team."
June has been a busy month for acquisitions among CCJ's Top 250 for-hire carriers, and USA Truck's is arguably the largest. It joins Freymiller's (No. 147) acquisition by investment groups, Fastfrate's acquisition of Challenger Motor Freight (No. 77); PAM's purchase of Metropolitan Trucking; Heartland Express (No. 42) picking up Roaring Spring, Pennsylvania-based Smith Transport (No. 111); and Schneider's (No. 8) acquisition of deBoer Transportation, a regional and dedicated carrier headquartered in Blenker, Wisconsin.
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