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Titan Transfer adds JTL Carriers to portfolio

M&A advisory firm Tenney Group sees ‘spike’ in TL consolidation in 2021

(Photo: Jim Allen/FreightWaves)

National truckload carrier Titan Transfer has acquired dry van hauler JTL Carriers. Financial terms of the transaction were not disclosed. Transportation and logistics M&A advisory firm Tenney Group advised JTL on the deal.

Franklin, Wisconsin-based JTL Carriers is an asset-based, full TL carrier primarily serving the auto industry with a fleet of 75 tractors and 90 drivers.

Founded in 2000, Shelbyville, Tennessee-based Titan is a provider of freight transportation across the entire U.S. with a fleet of 550 trucks. Warehousing services are offered through the carrier’s sister company, Goggin Warehousing.

“By teaming up with the great group at JTL, Titan is able to expand our network, add excellent drivers, achieve operational efficiencies, and strengthen our foundation for our future success,” said Titan Transfer President Phillip Edwards.

Titan has made a few acquisitions in recent years, including Cincinnati-based RRR Express and Tucson, Arizona-based Reynolds Logistics. 

Commenting on the future of M&A in the truckload space, Tenney Group President and CEO Spencer Tenney said, “Titan’s acquisition of JTL is a great strategic move for both parties and a lens into a larger industry trend. We expect a significant activity spike in truckload acquisitions in Q1 and Q2 of 2021.”

“I am very excited about the deal with Titan Transfer. It is a great opportunity for us to realize our full potential and to collaborate with the great leadership at Titan. I am eager to begin this new chapter in the JTL Carriers story,” said former owner of JTL Carriers Jeff Lorino.

Lorino will become the general manager at Titan.

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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.