Acquisition of Medford, Ore., firm strengthens the companys position as one of nations leading transportation brokerages
PORTLAND, ORE. June 2, 2005 Market Transport Services, a logistics and multimodal transportation services company, today announced it has acquired Triple Express, a transportation broker based in Medford, Oregon. The acquisition complements the companys 2003 purchase of InTransit, one of the nations largest freight brokerage firms. With the addition of Triple Express, Market Transport Services will facilitate the movement of nearly 275,000 truckloads per year and is expected to increase its revenue to nearly $270 million in 2005.
Financial details of the transaction were not disclosed. The acquisition of Triple Express brings us a proven team of professionals who will strengthen our leadership in transportation brokerage services, said Charlie Hornecker, President and COO of Market Transport Services. Our strategy to enhance our transportation services offerings to customers continues to fuel our growth and profitability.
Founded in 1983, Triple Express now facilitates the movement of more than 20,000 truckloads per year. The firms 27 professionals will join the Market Transport Services core brokerage team in Medford, gaining access to its proprietary FreighTrak software and a network of more than 100 affiliate offices throughout North America.
For more than 20 years, we have successfully connected shippers and carriers by demonstrating professionalism and building partnerships with our customers. We are delighted to join forces with a company like Market Transport Services that demonstrates the same commitments to service, integrity and innovation, said Mark White, President of Triple Express, who will remain as a consultant to Market Transport Services during the transition.
There will be no other changes in management or employment as a result of the transaction.
Triple Express General Manager Larry Friend will be Vice President of the Brokerage division, working directly with Don Farthing, who became President and COO of Market Transport Services Brokerage in 2004. Market Transports senior executive team also includes Brian Fitzgerald, Chairman and CEO, and Gary Wilson, Executive Vice President.
The combined companies will now employ more than 235 people, 412 drivers and owner/operators and maintain more than 103 affiliate offices in 32 states and Canada.
About Market Transport Services
Headquartered in Portland, Oregon, Market Transport Services, is a leader in logistics management and transportation services, helping its customers find reliable solutions to complex distribution challenges. Since its founding in 1969 as a provider of truckload services in the Western United States, the company has grown to offer a wide range of logistics, brokerage and intermodal services. Using the latest technology and a wealth of experience, the company provides single source transportation management for shippers eager to reduce costs and improve customer service. Brokerage services are delivered by a network of independent sales agents located in 103 offices throughout North America.
About Triple Express
Founded in 1983 in Medford, Ore., Triple Express is a privately-owned freight logistics firm that helps facilitate more than 20,000 truckload shipments annually.