Transportation and Logistics Systems, Inc., a Jupiter, Florida-based logistics service provider, Tuesday, Jan. 10, announced that its wholly-owned subsidiary, TLSS Acquisition, Inc., had entered into a stock purchase agreement to acquire 100% of the outstanding stock of Severance Trucking Inc. and related companies.
Severance is a Massachusetts-based LTL carrier serving New England, upstate New York and Canada. Headquartered in Dracut, Massachusetts, Severance, which was established in 1901, has 54 drivers and power units.
"Severance is a long-established, well-run and highly-respected family-owned business with a 120-year history of providing outstanding customer service," said Sebastian Giordano, chairman and CEO of TLSS. ."We are very excited about the opportunity to establish a strong presence in the New England market that will strategically expand our geographic footprint. When combined with our existing operations in New York and New Jersey, this acquisition will increase our projected annualized run-rate revenues to approximately $30,000,000 and elevate our profile into that of a regional carrier, which we believe, will create greater opportunities for organic growth."
The transaction is expected to close on Jan.31, subject to the completion of satisfactory due diligence by the company and obtaining certain third-party consents and financing, according to a statement by TLSS.
TLSS, through its wholly-owned operating subsidiaries, Cougar Express, Inc., Freight Connections, Inc., and JFK Cartage, Inc., operates as a full-service logistics and transportation company.