Penske Logistics has reached an agreement to acquire Chicago-based Black Horse Carriers Inc., a trucking company that provided services to the food and grocery, retail, bakery, dairy, CPG, manufacturing, and automotive industries. According to the company, financial terms were not disclosed.
“The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years,” said Marc Althen, president of Penske Logistics. “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.”
Penske Logistics gains more than 4,000 employees in the acquisition, a trucking fleet of more than 2,000 vehicles, and customers from more than 90 terminals across the United States.
“We’re very excited about joining the Penske organization,” said Ken Landego, CEO of Black Horse Carriers Inc. “The synergies created by the combination of both companies will benefit our customers from a service-level standpoint and elevate our technology capabilities. We look forward to this new journey together.”
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction on Dec. 31, 2020.
