Redwood Logistics will acquire non-asset multimodal brokerage firm Strive Logistics, the company said today. Terms of the deal were not disclosed.
Chicago-based Redwood said the deal creates a full-service logistics offering for the transportation marketplace, with more than $1 billion in freight under management.
Strive has offices in Austin, Texas, and Chicago. Its services include freight management and multimodal brokerage capabilities, as well as its proprietary LoadRunner Transportation Management System. Redwood provides a range of services, including multimodal brokerage, complete management transportation capabilities, and technology integration and implementation services.
"We see this as a major step in establishing Redwood as an industry leader and a transformative force in the marketplace," Redwood's CEO Mark Yeager said in a statement announcing the deal.
The combined company will operate under the Redwood brand, and Strive CEO Ben Greene, President Jon Provus, and the rest of Strive's management team will join the Redwood organization, the companies said.
The acquisition comes on the heels of Redwood's January purchase of Atlanta-based LTX Solutions, which provides less-than-truckload (LTL) freight management and supply chain solutions.