JOC reports that Penske Logistics has bought North Carolina-based Epes Transport System. The acquisition is a chance for the company to expand its service offerings into for-hire truckload.
Epes generates upwards of $400 million in revenue per year and about $20 million to $30 million in earnings each year, JOC reports. The acquisition will help Penske grow by enhancing its "portfolio of transportation and logistics solutions to shippers."
The agreement is expected to close within the next few weeks, according to JOC.
At the time of this release, terms of the deal were not disclosed.