Following the announcement in March that Penske Logistics was buying Transfreight North America, the company confirmed this week that the deal had been completed. Transfreight’s name will now be changed to Penske Logistics.
Penske Logistics bought the North American 3PL from Mitsui & Co for an undisclosed sum. Transfreight North America has 27 facilities across the US Midwest, Canada and Mexico.
“We’re pleased to have successfully completed the acquisition,” said Penske Logistics president Marc Althen. “We look forward to working with the Transfreight team to implement a flawless integration for customers and associates. Transfreight is a customer-focused organisation with excellent customer relationships. We are excited about building an even stronger business upon this foundation.”
March also brought news that Transfreight’s owner, Mitsui & Co, was investing in a 20% partnership interest in Penske Truck Leasing. The truck leasing, rental and logistics business is now owned by Mitsui (20%), General Electric Capital Corporation (29.9%) and subsidiaries of Penske (50.1%). Penske Truck Leasing operates one of the largest full-service truck leasing, rental and contract maintenance businesses in the US and Canada – with a fleet of around 216,000 trucks, semi-tractors and trailers