Penske Logistics has announced that it has finalised an agreement to acquire Transfreight North America, a third-party logistics and supply chain solutions provider, from trading and investment giant, Mitsui & Co.
A spokesperson for Penske told Automotive Logistics, “The Penske Logistics acquisition of Transfreight North America grew out of initial discussions with Mitsui regarding their planned investment into Penske Truck Leasing. The Transfreight deal was a newfound synergy between the two organisations. The timing and announcement of both deals were later coordinated.
Financial terms of the Transfreight acquisition have not yet been released and the deal is subject to customary closing conditions, including regulatory approvals. It is expected that it will be completed by May this year. Once that happens the Transfreight name will be changed to Penske Logistics.
Transfreight North America has 27 facilities across the US Midwest, Canada and Mexico. It has headquarters in Erlanger, Kentucky, and Ontario, Canada. Penske Logistics stands to benefit from Transfreight’s presence in all three countries.
“From the Penske Logistics’ standpoint, the acquisition of Transfreight is an excellent opportunity to further strengthen our dedicated trucking, cross-docking and warehousing presence throughout the Midwest. We also stand to gain additional logistics business with automotive customers we are not serving today such as Toyota.”