Interstate Personnel Services (IPS) announced it has acquired J&R Schugel (JRS). Employee owners of both companies were notified of the potential transaction at the end of September, and in the weeks since, “voted overwhelmingly in favor” of the deal.
Financial terms of the transaction were not disclosed.
Both companies are 100% employee-owned.
New Ulm, Minnesota-based JRS, is a 50-year-old company, providing dry van and temperature-controlled service across the 48 continental states. It operates facilities in Wisconsin, Ohio, Michigan and Georgia, in addition to a location at its headquarters.
“Adding JRS to the IPS family expands the capabilities and services that we can jointly provide to our respective customers while also creating new exciting opportunities for our employee owners,” said Dave Gibbs, IPS CEO and chairman, in a news release.
IPS is the parent of Murray, Kentucky-based Paschall Truck Lines and its logistics and trailer leasing units. IPS also owns Joplin, Missouri-based Transport Distribution Co. Both fleets provide over-the-road, regional and dedicated dry van transportation.
The group also offers TL brokerage and cross-border Mexico service.
The deal creates a nearly 2,000-truck and 6,000-trailer fleet. In addition to increased scale, the acquisition adds refrigerated assets to the IPS network.
“The combination of our two organizations preserves our employee-ownership culture while bringing enhanced value to our customers,” said JRS CEO Sean Claton.
