NFI Industries, a New Jersey based transportation and logistics company that offers services like intermodal, trucking, warehousing, drayage, brokerage and distribution, has reportedly announced that it would be acquiring G&P Trucking Company, Inc.
G&P, headquartered in Columbia, South Carolina, is a trucking carrier with over 3,000 trailers and 370 tractors, operating in the Southeast region and offers a dedicated, long-distance, regional as well as Mexico cross-border capacity. The trucking company is also operating drayage fleets located at the ports of Norfolk, Charleston and Savannah.
Sid Brown, CEO, NFI, reportedly stated that unifying the talents of both the teams, the company is thrilled to bring greater value to their customers through its strong suite of solutions. G&P, a renowned transportation company with deep-rooted history, together with NFI’s shared values of family and integrity will create a perfect cultural fit.
Brown further added that together their combined footprint would distinguish them as one of the biggest transportation service providers throughout North America.
The financial details of the agreement are yet to be disclosed.
NFI, has annual revenues of about $2 billion. The company operates with over 12,500 trailers, 3,000 tractors and nearly 50 million sq. ft of space for warehousing.
The agreement further strengthens the drayage industry. From the past 15 years, NFI has combined mergers and acquisitions with organic growth, with the acquisition of G&P being the fifth since 2016. The company had also extended its investment strategy recently.
The deals have been directed towards helping the company expand its segments and taking hold of emerging market trends. Citing an instance, infrastructure investments by ports in East Coast and blockage on the West Coast has been partly responsible for a shift in the volume of containers to the East Coast. With the new acquisition, NFI should be able to seize this opportunity.
Source credit: https://www.freightwaves.com/news/nfi-industries-acquires-gp-trucking-company