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Bison Transport Expands U.S. Presence with the Acquisition of H.O. Wolding, Inc

The following is from the Bison Transport press release, found on GlobalNewswire.com.

Bison Transport Inc. announces today the acquisition of Amherst, Wis.-based H.O. Wolding, Inc. HOW is a 320-truck, dry van fleet with truckload operations in the U.S. Midwest, northeast and southeast regions.

“We are very pleased to welcome the drivers, staff and partners of HOW to the Bison family,” said Bison’s Executive Chairman, Don Streuber. “From the first conversation we had with Don and Dick Wolding, I knew there was a lot our two organizations had in common surrounding drivers, customers, safety, and doing what is right. We thank Don, Dick and the team for placing their trust in us.”

Rob Penner, Bison Transport’s President and CEO, added, “The HOW acquisition represents a strategic investment in U.S. domestic transportation services that will work alongside Britton Transport, another of our U.S. subsidiaries, to add scale and provide a wider breadth of services to our customers. Our goal as the new owner is to empower HOW leadership with access to our expertise, resources and cost models. The people at HOW have built a great reputation for how they serve their customers and their team of professional drivers and we want to see that continue to thrive and grow.”

“I am happy to announce that Marc Wolding has accepted the role of President of HOW. Marc, a third-generation Wolding, grew up in this business and has clearly demonstrated his leadership skills and business acumen as he helped build HOW’s reputation as a go-to carrier and an employer of choice in its operating regions,” added Penner.

Don Wolding, past-President and CEO of HOW said, “When Dick and I first discussed selling, we agreed that the most important factors in our decision would be the cultural fit and the commitment to the future of our people. In early discussions with Rob, Don and Bison Transport’s leadership team, it was clear to us that Bison was the right fit. They care about and invest in their people and they are highly focused on providing best-in-class service with reputation as being North America’s safest fleet.”

Financial details of the transaction have not been disclosed.

About Bison Transport Inc.

Bison Transport is one of the largest carriers in Canada, offering award-winning transportation solutions to the industry since 1969. Recognized by the TCA as North America’s Safest Fleet, Bison is a high-service, dependable and value-creating supply-chain partner. Bison offers full truckload service, full-service logistics, intermodal, LTL, dedicated fleet operations, yard management, and warehousing and distribution. Bison is an active member of Natural Resources Canada’s FleetSmart Program, as well as a SmartWay Transport Partner, a national and voluntary partnership of the U.S. Environmental Protection Agency.

About H.O. Wolding, Inc.

Founded by Herbert Wolding in 1935, H.O. Wolding has grown from a one-man milk route to a national dry van carrier operating across the continental U.S. with a 320-truck fleet. Family-run and operated for almost 85 years by four generations of the Wolding family, HOW has developed a reputation for safety, quality and integrity. HOW prides itself on having some of the highest-quality professional drivers in the industry providing efficient and superior services to customers. One of the first companies in Wisconsin to partner with SmartWay Transport, HOW is forward-thinking and environmentally conscious with equipment and driver training.

 

This is from the Press Release on Globe Newswire. For more information, please see the press release here: https://www.globenewswire.com/news-release/2019/04/01/1791021/0/en/Bison-Transport-Expands-U-S-Presence-with-the-Acquisition-of-H-O-Wolding-Inc.html

Acquisitions Help Fleets Grow

October 2018 TCP partners quoted extensively in Bulldog Magazine article Acquisitions Help Fleets Grow.

Read the full PDF article here.

Reuters article quotes Managing Partner Jim Parham on the rapid pace of M&A activity in trucking

Jim Parham, Managing Partner, was quoted in ‘Reuters’ November 6, 2017 article “U.S. truck firms accelerate into the merging lane”

“It’s (the pace of acquisitions) been as busy as we’ve seen it since we started the business 13 years ago,” said Jim Parham, managing partner Florida-based M&A advisory firm Transport Capital Partners.

“We expect this pace to continue, if not accelerate, in the coming months,” Parham said.

Parham hopes to close four deals between firms with revenue of between $10 million to $250 million in the coming weeks but declined to provide specifics.

In February, Parham helped less-than-truckload carrier Central Freight Lines buy Wilson Trucking Corp out of Waco, Texas, another LTL carrier, to expand into the U.S. Southeast. LTL carriers consolidate smaller freight loads onto a single truck.

Read the full article here.

Analysis: Behind the Wave of Trucking Mergers and Acquisitions

From the June issue of Heavy Duty Trucking

It’s been a long time since we’ve seen the number and size of trucking mergers and acquisitions like we have lately. There’s the merger of Knight Transportation and Swift Transportation, plus numerous acquisitions in the flatbed market by Daseke. Before that, XPO Logistics purchased Con-way, later selling off its truckload component to a Canadian company while keeping the less-than-truckload.

To get some perspective, I contacted Lana Batts. She’s currently partner emeritus of Transport Capital Partners, a consulting firm specializing in transportation mergers and acquisitions. However, she is known for much more than that. Her 40-plus years in trucking includes being president of the Truckload Carriers Association and senior vice president of government affairs for the American Trucking Associations.

Here are the highlights from our conversation, which has been edited for length and clarity.

Read the full article at HDT here.

View a PDF of the article.

Maverick Acquires Marine Transport Inc.

Maverick President John Culp said in a statement “We are very excited to make this addition to our dedicated service offerings and expand our service footprint in the boat and marine business.”

Maverick USA Inc. said it acquired substantially all of the assets of Marine Transport Inc., which is based in Au Gres, Michigan, including about 25 tractors and 80 trailers.

Terms of the transaction were not disclosed. “We are very excited to make this addition to our dedicated service offerings and expand our service footprint in the boat and marine business,” Maverick President John Culp said in a statement.

Maverick USA ranks No. 74 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.

MTI, founded in 1983, is a family owned dedicated boat-hauling company that services the nation’s largest manufacturer of luxury pontoon boats and runabouts, it said.

Read the full article here.

Transport Topics quotes TCP regarding “Experts See More to Come”

Transport Topics article on August 4, 2014, Transport Acquisitions Rise, quotes TCP extensively.  We see several factors building interest in mergers and acquisitions but with some caution if the economy slows.

Read the full article here.*

*Highlights denote Transport Capital Partners quotes

CCI Purchased by TruckPro

Waste360.com reported last month that CCI Corp, a transportation retailer and distributor, was recently bought, for an undisclosed amount, by waste truck distributor, TruckPro LLC.

The addition of Lemont, IL-based CCI now gives Memphis-based TruckPro 165 retail store, service shop, and distribution locations throughout North America.

“The addition of CCI to TruckPro’s existing business positions TruckPro as the leading provider of heavy duty truck & trailer products and advanced repair services in North America,” said Steve Riordan, TruckPro chairman and CEO.

For the full article, click here.

Batts quoted about trucking acquisitions on the increase

Lana Batts, Partner with Transport Capital Partners (TCP), was recently quoted in an article by TruckingInfo.com about the increase in fleet acquisitions and mergers in recent months.  TCP is an advisory firm that facilitates merger and acquisitions for trucking companies. According to Batts, “we are just at the beginning of the cycle” for M&A activity.  There are a number of businesses that are currently looking to sell, and it looks like this will continue for the forseeable future. Batts also says that the “uncertainty about the number of taxes that carriers pay, such as the ‘Obamacare’ tax increase, fuel taxes, tolls, etc., have many carrier executives scratching their heads and wondering if they should stay in the business.”

TCP recently conducted its first quarter Business Expectations Survey which included questions about carriers’ expectations for buying or selling a company in the next 18 months. These results will be released in the next few weeks.

To read the full TruckingInfo.com article, click here.

Study Finds Truckers Unhappy With Election

In a recent article from DC Velocity, it is reported that an overwhelming majority of those in the trucking industry did not support the President in the 2012 Election. According to the 4Q 2012 Business Expectations Survey by Transport Capital Partners (TCP), 93% of carrier executives surveyed were unhappy with the election results.

Additionally, the article relates that uncertainty in the US economy is affecting industry mergers and acquisitions. In a statement, TCP Partners Richard Mikes and Steven Dutro said, “Uncertainty about the tax picture for 2013 is [pushing] some carriers to accelerate merger and acquisition activity before the year closes, and many deals are being pressured as buyers and sellers are uncertain about what 2013 holds for them.”

Read the full article here.

Truckers Wait for Washington

TheTrucker.com reports that 93% of carrier executives are not pleased with the results of the 2012 presidential election. However, 9% of small carriers are pleased, compared to only 1% of large carriers. These numbers are sourced from the latest Business Expectations Survey, conducted quarterly by trucking industry consulting firm Transport Capital Partners.

In addition, a majority of trucking companies are waiting for the “Fiscal Cliff” debate to be resolved before moving forward with any major mergers and acquisitions. TCP partner Steven Dutro notes, “Carrier executives know that if consumers and businesses are uncertain about the economy, in general, and their own personal finances, in particular, they will not be buying goods. It’s not surprising that carriers are unwilling to risk their own capital if their customers are also sitting on theirs.”

TCP partner Richard Mikes reports a similar sentiment among his industry contacts: “There is a general pause evident throughout the industry,” said Mikes. “Most carriers are in a ‘parked’ mode.”

Read the full article at TheTrucker.com.