Interstate Personnel Services, Inc. announced the acquisition of Joplin, Missouri-based dry van truckload carrier Transport Distribution Company and a related entity for an undisclosed amount.
The transaction closed on July 14, according to IPS.
TDC will continue to be led by its President Regan Stephens. It will operate autonomously under the IPS umbrella, retain its name, and continue to focus on providing premium regional service to customers throughout the Midwest.
“TDC’s regional coverage, focus on safety, providing high-level service, disciplined management style, and family culture are exactly what we are looking for as we build and increase overall capacity solutions for truckload shippers in the USA.” said IPS President and CEO Dave Gibbs. “We believe this should be a very positive transaction with minimal revenue churn, with TDC retaining its name and its current management team.”
Gibbs said IPS' focus will be to support Stephens and his team on driving benefits due to advantages of scale and certain synergies.
“The timing was right for some of our family to retire out of TDC, and the geographical fit was perfect between our companies," said Stephens. "Dave Gibbs had my trust not only because I had met Dave before, but he kept gaining trust from day one of our negotiations, and the fact that our TDC people got to become part of an ESOP was a great benefit. The reasons that make this right for our people kept piling up.”
IPS and its primary subsidiary companies Paschall Truck Lines, Paschal Logistics, Paschall Trailer Leasing, and IPS Leasing were founded in 1937 and currently operate over 1,000 p[ower units and 3,000 trailers in its truckload operations. IPS is an employee-owned company that provides one way, dedicated, regional, long haul, logistics, and equipment leasing services in the United States and Mexico.