Sunteck and TTS Merger Forms $1 Billion Multimodal Company
Third-party transportation and logistics providers Sunteck Transport Group and TTS Holdings have merged to create a single $1 billion dollar company.
The merger will create what the two companies say will be one of the largest multimodal, agent-based freight management service providers in the U.S. Combined, the new company should approach 1 billion in gross revenue and manage more than 700,000 intermodal, truckload and less-than-truckload shipments annually.
Ken Forster, current CEO of Sunteck, will serve as the president and CEO of the new company and Andy Cole, current president and CEO of TTS, will serve as chairman of the board.
“The merged companies reflect an increased level of commitment to our agent business model, enhancing the level of innovative, customized solutions for the shipper community,” said Forster. “The resulting company and our agents will be well-positioned to lead the industry in serving shippers facing an increasingly complex regulatory, technological, and economic environment.”
Sunteck/TTS Holdings will have a combined network of more than 30,000 carriers as well as a collective 2,000 trucks in its direct asset-light capacity divisions. TTS’s direct intermodal program will be complimented by Sunteck’s large intermodal drayage network.
“We believe the combined entity will be the platform of choice for agents and 3PLs looking for industry-leading technology, multimodal solutions, and an extensive network of both in-house and outsourced capacity,” Cole said. “This merger with Sunteck only furthers our goals for agent success, with increased potential for expanded service offerings for our agents to utilize expanded solutions for their clients.” http://www.truckinginfo.com/news/story/2016/10/sunteck-and-tts-merger-forms-1-billion-multimodal-company.aspx
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