The deal is expected to close on Dec. 31 subject to regulatory approval and customary closing conditions. Financial terms of the transaction were not disclosed.
“The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years,” said Penske Logistics President Marc Althen. “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.”
Founded in 1925, privately held Black Horse Carriers operates a fleet of more than 2,000 vehicles out of more than 90 terminals across the U.S., serving mostly the food and grocery, retail, CPG, manufacturing and automotive verticals.
“We’re very excited about joining the Penske organization. The synergies created by the combination of both companies will benefit our customers from a service-level standpoint and elevate our technology capabilities,” said Black Horse Carriers CEO Ken Landego.
- Transportation capacity tightens further, pricing climbs higher
- Thin inventories lengthen trucking demand runway
- Trucking heads see extended runway for demand