Fort Smith-based ABF Logistics, an ArcBest company, announced Dec. 1 that it has acquired Bear Transportation Services L.P., a private, non-asset truckload brokerage firm headquartered in Plano, Texas.
The acquisition, effective Dec. 1 for cash of $26 million, is subject to normal post-closing adjustments.
Bear Transportation Services, founded in 1982, has more than 140 employees located in Plano and Fayetteville. It 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 skill sets and innovative IT concepts we have seen in action.”
ABF Logistics has experienced rapid growth since it was formed in 2013. This acquisition is the company’s second of the year. It purchased 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.”