- ABOUT IMC
- IoT LIBRARY
- RFP PROGRAMME
DB Schenker buys USA Truck for $435m
- June 28, 2022
- Steve Rogerson
Logistics giant DB Schenker has continued its acquisition trail by buying USA Truck for approximately $435m, including assumed cash and debt.
Earlier this month, DB Schenker bought logistics software specialist Bitergo.
The latest takeover advances DB Schenker and USA Truck’s shared vision to become the premier North American transportation provider. Upon completion of the transaction, DB Schenker aims to strengthen and expand USA Truck’s presence in North America, while using its complementary international logistics expertise, air transport services and ocean gateways to benefit USA Truck’s existing customer base.
Building on USA Truck’s existing US and Mexico freight network, DB Schenker also intends to expand its global logistics services across land, air and ocean transportation services, as well as for logistics and global supply chain management.
Founded in 1983, USA Truck provides capacity to a diverse North American customer base, including more than 20% of the Fortune 100. Its approximately 1900-unit fleet of trucks, 2100 employees, partnerships with more than 36,000 active contract carriers, strategic network of terminals across the eastern half of the USA and a nationwidethird-party logistics presence provides capacity to meet the evolving demands of regional and national customers.
“USA Truck is the perfect match for DB Schenker’s strategic ambition to expand our network in North America and foster our position as a leading global logistics provider,” said Jochen Thewes, chief executive officer of DB Schenker. “In our 150th anniversary year, we are pleased to welcome one of the leading trucking and logistics providers to DB Schenker. Together we will enhance our shared value proposition and invest in exciting growth opportunities and sustainable logistics for new and existing clients.”
James Reed, chief executive officer of USA Truck, added: “We are thrilled to have found a partner that appreciates USA Truck’s rich history, is closely aligned with our mission and values, and brings additional resources that we believe enable us to build on our nearly 40-year legacy of industry leadership. This transaction provides immediate and significant value for USA Truck stockholders, offers broadened career opportunities for our employees, and increased capacity and service offerings with which to support our customers, and better positions our company to realise our long-term vision to become the premier North American transportation solutions provider.”
With more than 76,000 employees at more than 1850 locations in over 130 countries, DB Schenker, a subsidiary of Deutsche Bahn, is one of the world’s leading logistics providers.
“This transaction recognises the culture of excellence James, his team and all of our dedicated employees have created and commit to every day at USA Truck,” said Alexander Greene, chairman of the board of USA Truck. “It rewards our stockholders for their unwavering support during our turnaround and through the pandemic and offers further opportunity for our customers to draw upon USA Truck’s strengths utilising the resources and reach of one of the world’s leading logistics services organisations.
In the Americas, DB Schenker is one of the largest integrated logistics service providers with more than 10,000 employees in 123 locations.
“USA Truck’s success has been driven by their impressive employees – all of whom are critical to future growth – and we look forward to welcoming them as an integral part of our team,” said Joe Jaska, DB Schenker’s executive vice president. “As part of a larger organisation with DB Schenker, USA Truck employees will have access to career opportunities at both the local and global level. We view this transaction as a platform for growth and, by combining these organisations, we will greatly enhance our presence in the North American land transport space.”
The transaction has been unanimously approved by USA Truck’s board of directors, but is subject to certain regulatory reviews and approvals and the satisfaction of other customary closing conditions, including the approval of USA Truck stockholders. Upon completion of the transaction, which the parties expect will occur by the end of 2022, USA Truck will become a private company and delist from the Nasdaq Global Select Market. The transaction is not subject to any financing condition.