Latest acquisition expected to complement Penske Logistics' existing services
Penske Logistics has added another firm to its expanding portfolio, this time buying Transfreight North America for an undisclosed sum.
Penske reached a deal this week with Transfreight’s owner, Mitsui, to acquire the third-party logistics provider.
Transfreight currently operates from 27 locations across the US, Canada and Mexico with headquarters in Erlanger, Kentucky, and in Kitchener, Ontario, Canada.
This sale is subject to conditions, including certain regulatory approvals, but Penske and Mitsui expect the deal to be finalised within 30 to 45 days.
“This acquisition provides us with a very complementary mix of business and services as well as new team members from a highly customer-focused culture,” Penske Logistics president Marc Althen says.
“Customers from both companies will benefit from the strengths of the combined organisation’s industry expertise, technological capabilities, and the breadth of supply chain and logistics solutions.”
Mitsui chief operating officer Tatsuo Yasunaga says the company is excited about the opportunities ahead for Transfreight under the ownership of Penske.
“Penske Logistics is a well-established industry leader, and under its leadership we are confident that Transfreight North America will be able to deliver an excellent customer experience leveraging on its operational focus,” Yasunaga says.
Penske Logistics is a subsidiary of Penske Truck Leasing and has operations in North America, South America, Europe and Asia.