Finished vehicle transportation provider Acertus has acquired Fisher Shipping, expanding its network of carriers and its relationships with original equipment manufacturers and dealers. Financial terms of the deal were not disclosed.
Acertus, based in Overland Park, Kansas, operates an automotive logistics platform that handles transportation, storage, maintenance, titling and registration of finished cars and trucks. Fisher Shipping, founded in 2006 and based in Auburn, Massachusetts, will keep operating under its existing name and leadership team. The company gains access to Acertus' carrier network and its technology platform, which includes fraud prevention tools and real-time shipment tracking.
Fisher Shipping CEO Dave Fisher will receive an equity stake in Acertus as part of the transaction and will take on a role managing customer and commercial relationships for the combined organization. Acertus CEO Michael DeLuca said the acquisition brings in experienced staff and long-standing industry partnerships.
The deal follows a separate acquisition announced earlier the same week, in which Nasdaq-listed Proficient Auto Logistics agreed to acquire California-based Hansen & Adkins for 130 million dollars. That combined company is expected to haul more than four million vehicles a year, representing roughly one quarter of the new car market.
The back-to-back transactions point to a broader consolidation trend in the car hauling segment of the trucking industry, as companies seek greater scale, capacity and technological capability to compete for OEM and dealer contracts. Auto haulers have faced pressure in recent years from fluctuating new vehicle production schedules and shifting freight volumes tied to the broader automotive supply chain.
Source: FreightWaves - https://www.freightwaves.com/news/acertus-expands-with-fisher-shipping-acquisition