Third-party logistics provider Penske Logistics is bulking up the transportation portion of its supply chain management practice by acquiring Black Horse Carriers Inc., a privately held trucking company that serves the food and grocery, retail, bakery, dairy, consumer packaged goods (CPG), manufacturing, and automotive industries.
Terms of the deal were not disclosed, but Penske said the transaction is expected to close on December 31, pending certain regulatory approvals and other closing conditions.
Reading, Pennsylvania-based Penske Logistics, which is a unit of Penske Transportation Solutions, offers a range of design, planning, and execution services in transportation, warehousing, and freight management.
The two companies have partnered on various projects over the years, such as their move in August when Black Horse joined Penske Truck Leasing’s electric vehicle program, launching a battery electric Freightliner eCascadia into the Black Horse Carriers regular operation. The dedicated fleet services company uses the Penske maintained EV truck throughout Southern California to deliver product to 78 stores for a major grocery chain.
“The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years,” Marc Althen, president of Penske Logistics, said in a release. “This acquisition will be complementary to our existing portfolio of customers and industries within our dedicated contract carriage business.”
By combining the two companies, both organizations will gain “synergies” that could benefit their customers through improved service levels and technology, Black Horse CEO Ken Landego said in a release. Carol Stream, Illinois-based Black Horse is a 95-year-old firm that employs more than 4,000 people, operates a trucking fleet of more than 2,000 vehicles, and services customers from more than 90 terminals across the U.S.