Fort Smith, AR—Jan. 25, 2016—ABF Logistics, an ArcBest company, acquired Bear Transportation Services, L.P., a private, non-asset truckload brokerage firm headquartered in Plano, Texas, for $26 million in cash, subject to normal post-closing adjustments.
Bear Transportation Services has more than 140 employees located in Plano and Fayetteville, Arkansas. The company, founded in 1982, has approximately $120 million in annual revenue, serving a variety of industry segments.
"This company is an excellent fit for ABF Logistics, as we believe the purchase will drive growth and profitability by combining our vision, brand and customer relationships with Bear's deep pool of experienced sales and operations team members," said ABF Logistics President Jim Ingram. "We have admired the Bear organization for years, and have been impressed with the skillsets and innovative IT concepts we have seen in action."
ABF Logistics experienced rapid growth since it was formed in 2013. This acquisition is the second of the year for the company after its purchase of Oklahoma City-based Smart Lines Transportation Group in January 2015.
"We are pleased to find a strategic buyer with a strong culture and a clear growth plan," said Mike Loehr, a principal owner of Bear Transportation. "Our employees and our customers will benefit from the resources and solutions ABF Logistics and the broader ArcBest organization will provide."
As an ArcBest company, ABF Logistics helps customers solve supply chain needs through a variety of third-party services. ArcBest previously stated its strategy to grow its logistics businesses both organically and through acquisitions that add scale to existing services.