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Pitt Ohio acquires assets from partner carrier Teal’s Express

Deal expands service into New York

Less-than-truckload carrier Pitt Ohio announced Wednesday it has expanded its service to New York via the acquisition of assets from Teal’s Express. This is another deal in which Pitt Ohio has expanded its offering through a deal with a partner carrier.

Financial terms of the transaction were not disclosed. The change is effective Aug. 14.

Watertown, New York-based Teal’s Express operates 11 terminals throughout the Northeast, predominantly in central and upstate New York, providing regional service in the Northeast and Canada. The 96-year-old carrier has been partnering with Pitt Ohio since 2016 to provide service in and out of New York state.

Under the deal, Pitt Ohio will integrate the terminals and equipment of Teal’s Express into existing operations. Teal’s Express will cease operations on Aug. 13. The following day, Pitt Ohio will begin to provide direct LTL service to and from New York. Service between New England and New York state will continue to be provided by Pitt Ohio’s sister company, Ross Express.  

Prior to the deal, Pittsburgh-based Pitt Ohio operated 21 facilities in the mid-Atlantic and Midwest. The privately held regional LTL carrier also provides national coverage through partners. It has inked similar deals with LTL sister companies Dohrn Transfer, US Special Delivery and Ross Express.

Trucking companies have used M&A to add drivers, tractors and terminals during the pandemic as each proved difficult to procure once volumes ballooned. Pitt Ohio recently commented that it would look to solve for a lack of capacity through acquisitions.

Pitt Ohio is a top-15 LTL carrier, generating $780 million in revenue during 2021, according to SJ Consulting. The carrier has more than 3,000 employees and also offers a suite of supply chain services as well as ground and truckload transportation.

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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.