Founded in 1985, based in Joplin, Missouri, TDC provides regional services in the central United States, including the Midwest. According to the Federal Automobile Carrier Safety Administration, the carrier has 141 power units.
Dave Gibbs, president of IPS, said: And the CEO.
TDC will maintain its brand and operate as an independent segment of IPS. TDC President Regan Stevens will continue to operate the fleet.
“This should be a very positive deal with minimal revenue churn,” Gibbs added.
The terms and conditions of the transaction have not been disclosed.
“The timing for some of our families to retire from TDC was right, and the geographic fit was perfect between our companies,” Stevens said.
In 2013, IPS transferred 100% of its shares to employees through an employee shareholding scheme. This is what Stevens acknowledged as a reason to sell to IPS. “The fact that our TDC people became part of the ESOP was a huge benefit. For our people, the reasons for doing this right have accumulated.”
Truck M & A has been used as an exit for growth due to the headwinds in hiring and retaining drivers. Among smaller fleets, trading flows are higher throughout the pandemic, but larger carriers are more active.
So far in July, two big deals have been recorded. Night Swift Transportation (NYSE: KNX) AAA Cooper, a carrier with less than truck load $ 1.35 billion transaction, And Werner Enterprises (NASDAQ: WERN). Purchased a majority stake $ 142 million for carriers in two regions.
Founded in 1937 and headquartered in Murray, Kentucky, IPS is the parent company of Paschall, which includes logistics and trailer leasing businesses. The integrated group operates more than 1,000 trucks and 3,000 trailers and offers one-way, dedicated, regional and long-distance TL services in the United States and Mexico.
The TDC was represented in the transaction as follows: Transport Capital Partner..
https://www.freightwaves.com/news/paschall-truck-lines-parent-acquires-dry-van-carrier-tdc Paschall Truck Lines Parent Acquires Dry Van Carrier TDC