CRST International Inc. is buying privately-held Pegasus Transportation, Inc., based in Louisville, KY, for an undisclosed sum.
CRST noted that it funded the purchase through existing cash reserves, allowing the company to remain debt-free.
Founded in 1988, Pegasus provides TL services focused on the high-security, temperature sensitive, and health-sciences sectors, along with just-in-time automotive factory freight.
“We are always in search of adding companies to our portfolio that offer services which allow us to expand our capabilities for our customers,” noted Dave Rusch, CRST’s president and CEO, in a statement.
“The acquisition of Pegasus will allow CRST to expand its temperature controlled operations nationwide footprint through their expanded customer base,” added Mike Gannon, CRST’s group president.
“For CRST and Pegasus it means improved fleet utilization and increased operating efficiencies. We look forward to working with the Pegasus employees and customers,” he emphasized.
CRST noted that its annual revenues currently exceed $1.5 billion, with its total U.S. employee base to date including more than 7,000 company drivers, independent contractors and office personnel.
The carrier added that over the past two years, it has acquired Specialized Transportation, Inc., Allied Special Products (the specialized division of North American Van Lines), and BESL Transfer Company, as well as launching a temperature controlled team service offering.