Kreilkamp Trucking Inc. has acquired the assets of Waterloo, Iowa-based Gray Transportation, which is ceasing operations after over 40 years in business.
The deal allows Kreilkamp Trucking to assume control of an undisclosed number of Gray Transportation’s trailers and freight contracts, and some drivers will join Kreilkamp from Gray, said CEO Tim Kreilkamp.
“I don’t want to go into too much detail, but there were certain assets that were advantageous to our fleet moving forward,” Kreilkamp told FreightWaves in an interview.
Terms of the agreement were not disclosed.
Related: Family-owned Iowa carrier looking into possible sale, official says
Kreilkamp Trucking is a family-owned carrier based in Allenton, Wisconsin. The company primarily services an area covering the Midwest to the Eastern Seaboard.
Kreilkamp hauls products including refrigerated meats, cheese, spirits, agricultural supplies, manufacturing supplies, paper goods and printed material.
“We’ve been in business since 1935 and I currently represent the fourth generation of family management, with the fifth generation working here as well,” Kreilkamp said. “Kreilkamp is a Midwest carrier and we’re running about 300 trucks.”
Kreilkamp Trucking also owns regional refrigerated carrier Brent Redmond Transportation. Based in Hollister, California. Brent Redmond provides transportation services throughout the Southwestern U.S.
In addition, Kreilkamp owns WB Warehousing & Logistics, Farmer’s Implement Inc., and Farmer’s Grain & Feed.
Gray Transportation was founded in 1984 by Leroy Gray with one truck and a handful of employees.
In recent years, Gray Transportation had a fleet of over 150 trucks, 500 trailers and 100 drivers, offering over-the-road dry van solutions. Global equipment manufacturer John Deere was one of Gray Transportation’s main freight accounts.
Gray Transportation President Darrin Gray said low freight rates and rent increases on leased trucks from Ryder were the main reasons for shutting down the company.
Gray’s fleet of trucks were all leased from Ryder.
“The spot market rates were low when we had to use brokers to get our trucks back into our contracted freight lanes,” Gray told FreightWaves in an interview.
Gray will be working with Kreilkamp Trucking and was hopeful that most of his drivers based in the Midwest would find jobs with the carrier.
“I was the last part of the generation of the family in the business, so I’ll work with Kreilkamp,” Gray said. “2024 was probably one of the toughest years.”
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