A quick glance at AJOT’s Top 100 North American Trucking Companies isn’t very revealing, it looks much the same as it did before COVID. The top twenty or so may shift a place here or there but overall, the structure remains very similar to the industry’s pre-COVID composition. But as the old expression suggestions, looks can be deceiving. A restructuring of the trucking industry in North America is underway and while the COVID-19 pandemic and subsequent dam-burst of unleased freight may not directly be the causal reason for the quiet upheaval in the structure of the industry, the pandemic’s multi-layered impacts were certainly an accelerant.
A Different Kind of Consolidation Composition
In many respects, the trucking industry, especially the traditional LTL, TL (Less-Truck-Load and Truck Load) dry van business and drayage [carriage of ocean containers] sector were overdue for restructuring. There were a large number (and still are) of privately-owned “mom and pop” shops. A cursory reading of many of the histories of the trucking firms (on the list) begins with the purchase of a single secondhand truck. And in the early days of operation “management” was more often than not seated behind the wheel. Even now privately owned trucking firms still dominate trucking industry ownership. Many companies are multi-generational in management and ownership. And with relatively low entry costs, there are a lot of small and medium sized trucking companies in the industry.
Even as this article was being written, Randolph, MA-based RoadOne Intermodal (25) announced the acquisition of The Transporter, Inc., a regional intermodal carrier operating in the Southwest, a region in which the Randolph, Massachusetts-based carrier is expanding.
As the RoadOne move illustrates, acquisitions have long been a way to increase geographic coverage and facilities, to add wheels and drivers and some cases specialized services like temperature-controlled transport or even drayage.
However, more recently the reason behind the M&A fueled consolidation in the trucking industry could be the interest from institutional investors. Equity capital was taking a strong interest in the supply chain companies, even before COVID. The pandemic and other disruptions to the supply chain pointed out just how critical supply chain providers are to the economy…and potentially how profitable the supply chain can be as an investment. And it can be argued trucking touches more parts of the supply chain than any other service provider. Also, trucking is one of the least “consolidated” segments of the supply chain when compared to other service segments like ocean, air, or rail services. In the case of both rail and ocean, the price of entry to these closely held markets is very high and returns relatively low.
It’s not surprising to read Ridgemont Equity Partners, a private equity firm, recently announced the recapitalization of RoadOne, alongside RoadOne’s co-founders and Nonantum Capital Partners. It’s an influx of capital to help further the carrier’s growth.
There is also a fair amount of shuffling of the deck. For example, Montreal-based TFI International (10) sold their subsidiary CFI’s Truckload, Temperature-Control and Mexican non-asset based logistics business to Heartland Express (37) for $525 million. The logic of the transaction was TFI wanted to concentrate on their U.S. operations, especially on higher return LTL. Heartland, on the other hand, will add assets and build its truckload business.
There have been quite a few strategic moves made in the last year. For example, back in February of 2022, Hirschbach Motor Line (78) bought John Christner building a reefer conglomerate that reportedly will amount to over 3,000 trucks and 5,000 trailers. In June, Fastfrate (58) made a deal to purchase a majority stake in Challenger Motor Freight, one of Canada’s largest carriers. Under the agreement Challenger will still operate independently – there was little overlap between the two trucking companies – but the consolidation creates another mega-carrier.
But some of the more interesting M&A activity didn’t involve acquisitions by other trucking companies. Maersk, the world’s second largest ocean carrier, acquired Los Angeles-based Performance Team (51). For old time analysts it was a curious move as a couple of decades ago, containership operators got out of the trucking business to concentrate on their core business of ocean shipping. And the Maersk acquisition wasn’t the only oddity. DB Schenker, one of the world’s largest 3PLs, acquired USA Truck (18).
Will these acquisitions be the beginning of a trend – an entirely new road for the trucking industry? In the coming decade, will the North American trucking industry be restructured? Maybe as investment in the supply chain is clearly attractive now and trucking is the key link in the chain.
AJOT's Top 100 North American Trucking Companies
| Rank | Carrier | Home Office | Public/Private | Service Notes | Website |
|---|---|---|---|---|---|
| 1 | UPS Inc. | Atlanta, GA | NYSE-UPS | Integrator | www.ups.com |
| 2 | FedEx Corp. | Memphis, TN | NYSE-FDX | Integrator | www.fedex.com |
| 3 | XPO Logistics | Greenwich, CT | NYSE-XPO | 3PL | www.xpo.com |
| 4 | J.B. Hunt Transport | Lowell, AR | NASDAQ-JBHT | Intermodal | www.jbhunt.com |
| 5 | Knight-Swift Transport | Phoenix, AZ | NYSE-KNX | TL/LTL | www.knight-swift.com |
| 6 | YRC Worldwide | Overland Park, KS | NASDAQ-YRCW | TL/LTL | www.yrc.com |
| 7 | Schneider | Greenbay, WI | NYSE-SNDR | 3PL/TL/LTL | www.schneider.com |
| 8 | Landstar System | Jacksonville, FL | NASDAQ-LSTR | 3PL/TL/LTL | www.landstar.com |
| 9 | Old Dominion Freight Line | Thomasville, NC | NASDAQ-ODFL | TL/LTL | www.odfl.com |
| 10 | TFI International | Montreal, QC, CA | TSX-TFI | TL/LTL | www.tfiintl.com |
| 11 | Ryder Supply Chain Solutions | Miami, FL | NYSE-R | 3PL | www.ryder.com |
| 12 | Hub Group | Oakbrook, IL | NASDAQ-HUBG | Intermodal | www.hubgroup.com |
| 13 | Estes Express Lines | Richmond, VA | Private | TL/LTL | www.estes-express.com |
| 14 | ArcBest [ABF Freight Systems] | Fort Smith, AR | NASDAQ-ARCB | 3PL: TL/LTL/Epedited | www.arcb.com |
| 15 | Werner Enterprises | Omaha, NE | NASDAQ-WERN | 3PL | www.werner.com |
| 16 | Penske Logistics [Penske Truck Leasing] | Reading, PA | NYSE-PAG | 3PL | www.penske.com |
| 17 | Roadrunner Transportation Systems Inc. | Downers Grove, IL | NYSE-RRTS | TL/LTL | www.shiproadrunnerfreight.com |
| 18 | USA Truck | Van Buren, AR | Subsidiary/Schenkers | TL/Intermodal/Dray | www.usa-truck.com |
| 19 | NFI | Camden, NJ | Private | TL | www.nfiindustries.com |
| 20 | U.S. Xpress Enterprises | Chattanooga, TN | NYSE-USX | TL/Expedited | www.usxpress.com |
| 21 | R+L Carriers | Wilmington, OH | Private | LTL/TL/Expedited | www.rlcarriers.com |
| 22 | CRST International | Cedar Rapids, IA | Private | TL/Expedited | www.crst.com |
| 23 | Saia | Johns Creek, GA | NASDAQ-SAIA | TL/LTL/Expedited | www.saia.com |
| 24 | C.R. England Inc. | Salt Lake City, UT | Private | TL/Intermodal | www.crengland.com |
| 25 | RoadOne Intermodal Logistics | Randolph, MA | Private | TL/LTL/DRAY | www.roadone.com |
| 26 | Universal Logistics Holdings | Warren, MI | NASDAQ-ULH | 3PL | www.universallogistics.com |
| 27 | Forward Air Corp. | Greenville, TN | NASDAQ-FWRD | TL/LTL/Expedited | www.forwardair.com |
| 28 | Southeastern Freight Lines | Lexington, SC | Private | LTL | www.sefl.com |
| 29 | Averitt Express | Cookeville, TN | Private | TL/LTL | www.averitt.com |
| 30 | Evans Delivery Co. | Schuylkill Haven, PA | Private | TL/LTL | www.evansdelivery.com |
| 31 | Crete Carrier Corp. | Lincoln, NB | Private | TL | www.cretecarrier.com |
| 32 | Purolator | Mississauga, ON | Private/Canada Post 91% | Integrator | www.purolator.com |
| 33 | Lynden Inc. | Anchorage, AK | Private | TL/LTL | www.lynden.com |
| 34 | Midwest Motor Express | Bismarck, ND | Subsidiary/Knight-Swift | LTL | www.mmeinc.com |
| 35 | KLLM Transport Services | Jackson, MS | Private | TL/LTL | www.kllm.com |
| 36 | Ruan | Des Moines, IA | Private | TL | www.ruan.com |
| 37 | Heartland Express Inc. | North Liberty, IA | NASDAQ-HTLD | TL | www.heartlandexpress.com |
| 38 | Alliance Shippers | Englewood Cliffs, NJ | Private | 3PL | www.alliance.com |
| 39 | Covenant Transport Services | Chattanooga, TN | NASDAQ-CVTI | TL/Expedited | www.covenantlogistics.com |
| 40 | Pitt Ohio Transportation Group | Pittsburgh, PA | Private/Hammel Companies | TL/LTL/Expedited | www.pittohio.com |
| 41 | Central Transport International [CenTra] | Warren, MI | Private | LTL | www.centraltransport.com |
| 42 | Day & Ross Transportation Group | Hartland, NB, CA | Subsidiary/McCain Foods Ltd | TL/LTL | www.dayross.com |
| 43 | Cardinal Logistics | Concord, NC | Private/H.I.G. Capital | TL/LTL | www.cardinal-logistics.com |
| 44 | Marten Transport Ltd. | Mondovi, WI | NASDAQ-MRTN | TL/Intermodal/DRAY | www.marten.com |
| 45 | Stevens Transport | Dallas, TX | Private | TCL/Intermodal | www.stevenstransport.com |
| 46 | Western Express | Nashville, TN | Private | TL/Intermodal/DRAY | www.westernexp.com |
| 47 | TeamOne Logistics | Alpharetta, GA | Private | LTL | www.teamonelogistics.com |
| 48 | Mullen Group | Okotoks, AB, CA | TSX-MTL | TL/LTL | www.mullen-group.com |
| 49 | Dayton Freight Lines | Dayton, OH | Private | TL/LTL | www.daytonfreight.com |
| 50 | Roehl Transport | Marshfield, WI | Private | TL | www.roehllogistics.com |
| 51 | Performance Team | Los Angeles, CA | Private/Maersk | 3PL | www.performanceteam.net |
| 52 | OnTrac Inc. | Chandler, AZ | Private | Parcel Delivery | www.ontrac.com |
| 53 | Bison Transport | Winnipeg, MB, CA | Private/Subsidiary/JRSL | TL/LTL | www.bisontransport.com |
| 54 | Cowan Systems | Baltimore, MD | Private | TL | www.cowansystems.com |
| 55 | PAM Transport | Tontitown, AR | NASDAQ-PTSI | TL/Intermodal/DRAY | www.pamtransport.com |
| 56 | Canada Cartage | Mississauga, ON CA | Private/Subsidiary/Mubadala Capital | TL/Intermodal/DRAY | www.canadacartage.com |
| 57 | Dart Transit Company | Egan, MN | Private | TL/Intermodal | www.dart.net |
| 58 | Fastfrate Group | Woodbridge, ON, CA | Private/Tepper Holdings | Dray/LTL/TL | www.fastfrate.com |
| 59 | NRS (National Retail Systems) | North Bergen, NJ | Private/IDT | 3PL/TL/DRAY | www.nrs3pl.com |
| 60 | A. Duie Pyle Inc. | West Chester, PA | Private | TL/LTL | www.aduiepyle.com |
| 61 | Bridgeway Connects [American Transport] | Pittsburgh, PA | Private/Gemspring Capital | TL/LTL | www.bridgewayconnects.com |
| 62 | Mesilla Valley Transportation | Las Cruces, NM | Private | TL | www.m-v-t.com |
| 63 | IMC Companies | Collierville, TN | Private | Intermodal/DRAY | www.imcc.com |
| 64 | TransAm Trucking Inc | Olathe, KS | Private | TCL | www.transamtruck.com |
| 65 | ContainerPort Group | Cleveland, OH | Private/World Shipping | TL/Intermodal/DRAY | www.containerport.com |
| 66 | Dependable Supply Chain Services | Los Angeles, CA | Private | 3PL/LTL/FTL | www.godependable.com |
| 67 | Martin Transportation Systems | Byron Center, MI | Private | TL | www.mtstrans.com |
| 68 | JP Express | Deer Park, NY | Private | LTL | www.myjpexpress.com |
| 69 | Daylight Transport | Long Beach, CA | Private | LTL/Expedited/Long Haul | www.dylt.com |
| 70 | TGR Logistics | Portland, OR | Private | LTL/TL/Epedited | www.tgrlogistics.com |
| 71 | Oak Harbor Freight Lines | Auburn, WA | Private | LTL | www.oakh.com |
| 72 | Wilson Logistics | Springfield, MO | Private | TL | www.wilsonlogistics.com |
| 73 | Sterling Transportation | Los Angeles, CA | Private | Expedited Freight CA-FL | www.sterlingtransportation.com |
| 74 | Duncan and Sons Lines | Phoenix, AZ | Private | Dray/Container Haulage | www.duncanandson.com |
| 75 | Raven Transport | Jacksonville, FL | Private | TL/Intermodal | www.raventransport.com |
| 76 | RJR Transportation | El Paso, IL | Private | TL | www.rjrtransportation.net |
| 77 | S&S Transport Inc. | Grand Forks, ND | Private | TL | www.sstransport.com |
| 78 | Hirschbach Motor Lines | Dubuque, IA | Private | TL/LTL/TCL | www.hirschbach.com |
| 79 | Horizon Freight Lines | Cleveland, OH | Private | Intermodal | www.horizonfreightsystem.com |
| 80 | Paper Transport | De Pere, WI | Private/ Equity Group Investments | TL/Intermodal | www.papertransport.com |
| 81 | Nussbaum Transportation Services | Hudson, IL | Employee Owned | TL | www.nussbaum.com |
| 82 | Halvor Lines | Superior, WI | Private | TL/LTL | www.halvorlines.com |
| 83 | McFarland Truck Lines, Inc | Austin, MN | Private | TL | www.mcfgtl.com |
| 84 | Highlight Motor Group | Toronto, ON, CA | Private | LTL/Cross Border | www.highlightmotor.com |
| 85 | Saddle Creek Logistic Services | Lakeland, FL | Private | 3PL | www.sclogistics.com |
| 86 | Prime Inc | Springfield, MO | Private | TL/Intermodal | www.primeinc.com |
| 87 | Salgado Family Trucking Inc. | Adelanto, CA | Private /Bell Rose Capital | LTL/TL/Dray | www.salgadofamilytrucking.com |
| 88 | R&R Express | Pittsburgh, PA | Private | LTL/TL | www.shiprrexp.com |
| 89 | GLS-US | Amsterdam, NL | International Distribution Services PLC | TL/Parcel | www.gls-us.com |
| 90 | Continental Expedited Services | Clarksville, TN | Private | Expedited Freight | www.continentalexpedited.com |
| 91 | Lily Transportation Corp. | Needham, MA | Private | Dedicated Logistics | www.lily.com |
| 92 | McLeod Express | Decatur, IL | Private | LTL | www.mcleodexpress.com |
| 93 | M&W Transportation [M&W Logistics] | Nashville, TN | Private | 3PL | www.mwlginc.com |
| 94 | Anderson Trucking Service (ATS) | St. Cloud, MN | Private | LTL/Intermodal | www.atsinc.com |
| 95 | Ward Transport & Logistics Corp. | Altoona, PA | Private | LTL | www.wardtlc.com |
| 96 | Koch Trucking | Minneapolis, MN | Private | LTL/FTL/Dray | www.kochtrucking.us |
| 97 | Quality Distribution | Salt Lake City, UT | Private/North Point Development | LTl/TL | www.qdislc.com |
| 98 | Paschall Truck Lines | Murray, KY | Employee Owned | TL/Expedited | www.ptl-inc.com |
| 99 | Armstrong Transport Group | Charlotte, NC | Private | LTL | www.armstrongtransport.com |
| 100 | Givens Transportation Inc. | Chesapeake, VA | Private | TL/LTL/Dray/Intermodal | www.givensts.com |
