Penske Logistics announces it plans to acquire Black Horse Carriers Inc.
Earlier this week, Penske Logistics, a subsidiary of global transportation services provider Penske Corporation, said it inked an agreement to acquire Black Horse Carriers Inc., a Chicago-based privately-held trucking company.
Financial terms were not disclosed, and Penske said that the transaction is subject to customary closing conditions, including certain regulatory approvals, with the transaction expected to close on December 31, 2020.
Established in 1925, Black Horse Carriers serves the food and grocery, retail, bakery, dairy, CPG, manufacturing, and automotive sectors. Black Horse has more than 4,000 people and operates a trucking fleet of more than 2,000 vehicles, and services customers from more than 90 terminals across the United States.
“The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years,” said Marc Althen, president, Penske Logistics, in a statement. “This acquisition will be complementary to our existing portfolio of customers and industries within our dedicated contract carriage business. We look forward to working with the Black Horse Carriers team on this acquisition and the integration of our operations.”
And Black Horse Carriers Inc. CEO Ken Landego added that the synergies created by the combination of both companies will benefit its customers from a service-level standpoint and also elevate its technology capabilities.
