Michigan-based third-party logistics provider Behnke Dedicated and Logistics has acquired AG Freight, a South Carolina carrier offering truckload, less-than-truckload, and drayage service. Behnke chief executive Ben Behnke said the purchase widens the company's market reach and gives it access to a manufacturing hub and an inland port.
The fourth-generation family-owned business had been searching for a strategic transportation and logistics acquisition that would extend its operations into South Carolina or a nearby state, according to a release from advisory firm Calder Capital. A letter of intent was executed in March and the transaction closed on June 24.
Behnke told Trucking Dive that his fleet is approaching 70 power units in Michigan. Federal Motor Carrier Safety Administration records show AG Freight operated 30 power units and 30 drivers as of March 31. Behnke described the addition as a natural extension of work his company already performs and said the priority now is adding resources so the acquired operation can grow.
AG Freight was founded during the COVID-19 pandemic by Garrett Boulware, who chose to exit the business to pursue other interests.
The carrier sits near Inland Port Greer, which recently finished a $55 million expansion aimed at improving intermodal capability and rail connectivity to the Port of Charleston. The South Carolina Ports Authority said the upgrades allow the facility to handle 300,000 rail lifts a year and meet projected demand through 2040.
Merger and acquisition activity across transportation and logistics stabilized in the second quarter, according to a market recap from PMCF Investment Banking, which counted 28 closed transactions, matching the total from the same period a year earlier. Strategic buyers were the most active group, with improved spot rate earnings adding to available capital.
Source: Trucking Dive - https://www.truckingdive.com/news/a-real-foothold-in-the-southeast-behnke-dedicated-logistics-buys-ag-fr/828766/