Arkansas-based PAM Transportation has acquired New York City-based Metropolitan Trucking (No. 234) for $77.4 million, the company announced Wednesday.
With locations in New Jersey, Pennsylvania and Illinois, Metropolitan Trucking operates dry vans primarily in the eastern U.S., serving customers that include major manufacturers, consumer products companies, retailers and transportation and logistics providers. Metropolitan is headquartered near New York City, with its primary operating and maintenance facilities located in Bloomsburg, Pennsylvania.
The deal gives PAM a fleet of fairly new equipment in a time when assets are hard to come by. The average age of Metropolitan's 320 trucks is barely two years, and slightly above 6 years for its 1,060 trailers.
Under the terms of the deal, Metropolitan will operate as an independent business under its current senior leadership team. No personnel changes are expected other than the retirement of CEO Joe Mangino.
"For 90 years Metro has provided superior service for customers, a great home for our employees, and a source of pride for my family. To ensure our future was secured for the long term, my goal was to find a partner with similar values, strong financial performance, and a desire to invest for growth," Mangino said in a news release. "PAM truly cared about our drivers and other employees, and their resources will provide more opportunity for our people and more capacity for our customers. We're proud to continue to operate with our historical culture and identity while becoming the Northeast regional face for PAM, and we look forward to a smooth transition and a bright future."