Third party logistics provider NFI has agreed to purchase Jacksonville, FL-based Core Carriers, a privately held truckload firm that serves the southeastern United States, for an undisclosed sum.
Vineland, NJ-based NFI said it expects to finalize the purchase of Core by October 1 this year. NFI also said the deal is being funded in part by Capital Resource Partners, Inc., an investment-banking firm in Knoxville, TN.
Jeffrey Brown, president of NFI's National Freight subsidiary, said there is "minimal overlap" between NFI's and Core's customers. He expects to integrate Core's 350 tractors (150 owner-operated and 200 company-owned) and 900 trailers into National Freight's operations to help it increase the density of its routes in the southeast.
This acquisition would increase NFI's fleet to 1,700 tractors, 5,300 trailers, and 2,000 drivers. NFI added the integration of Core into its operation might help it boost revenues past $500 million in 2003.