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Expedited carrier Tri-State acquired by its management team

Tri-State's acquisition leaves ‘company revived by new energy, processes, people’

Tri-State continues under new ownership (Photo: Tri-State)

Tri-State Expedited Service announced it has been acquired by members of its senior management team. The Toledo, Ohio-based transportation and logistics provider was purchased out of the trust of its founders.

CFO Corey Crane, COO Korey Walper, IT Director Chad Nicholls and General Manager Mike Lawrence acquired the more than 40-year-old carrier for an undisclosed sum. The sale had been in the works for almost a year and per the wishes of the founders, it will remain in the same location and operate under the same name.

“We are so looking forward to the opportunity to continue on with the legacy of Tri-State, and build it back to its former place as a true leader of the expedite industry,” said Lawrence.

The current management team, which has been together for nearly two years, has made several changes that have positively impacted the balance sheet. The group has improved various processes, including its pricing analysis, and added operational staff, Lawrence told FreightWaves.

The company has also invested in proactive equipment maintenance and monitoring technology as well as other infrastructure that has led to improved operations.

“Customer feedback has been overwhelmingly positive since we’ve instituted these changes, and even more so since the sale was announced,” stated Crane.

The company originally started as an expedited carrier with only a few trucks serving Ohio, Michigan and Indiana. It has grown to a fleet of 160 units, which includes sprinter vans, straight trucks and tractors as well as flatbed trailers. Lawrence said he hopes to grow the fleet by 20% in the next year but acknowledged that bringing on the incremental drivers to seat the equipment remains a challenge.

In addition to ground expedite service, Tri-State provides truckload, logistics, air and cross-border services throughout the U.S., Mexico and Canada.

Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.