M&A
USA Truck CEO George Henry, former CEO James Reed, and former CFO Zachary King have completed the acquisition of the carrier from DSV, with the deal closing on Friday. The company returns to private ownership, acquired by Arkansas-based entity UTAC, and the terms of the transaction were not disclosed.
Arcwood Environmental announced the acquisition of MXI Environmental Services/Dynamic Recycling, its third acquisition in six months, adding over 150 employees and expanding its Mid-Atlantic footprint as well as latex paint and solvent recycling capabilities.
The trucking industry saw frequent M&A activity in 2025, including notable cases like DHL's sale of Standard Forwarding Freight. However, some announced plans failed to materialize: US Foods and Performance Food Group decided not to merge after months of negotiations, remaining independent. Meanwhile, Schneider National expressed willingness to expand its dedicated transportation business through more acquisitions. This article summarizes potential sale or spin-off intentions revealed by executives over the past year, as well as deals that ultimately stalled.
PGT Trucking announced the acquisition of Debrick Truck Line Co., a Kansas family business, with the deal revealed on December 9. This acquisition adds a strategic Midwest terminal for PGT, bringing its total network to 35. Debrick Truck Line, a second-generation family business founded in 1958, offers flatbed, dry van, step deck, and tarping services. Following the acquisition, Kevin Debrick will continue as terminal manager in Paola.
Family-owned freight company Hogan has been sold to Enterprise Mobility, which manages vehicle rental brands such as Enterprise Rent-A-Car, National Car Rental, and Alamo. Hogan employs approximately 3,000 people and has over 10,000 pieces of equipment across more than 50 locations. Following the transaction, Hogan will operate as an independent business for the foreseeable future.
The $85 billion merger of Union Pacific and Norfolk Southern railways has been approved by shareholders of both companies, connecting a 50,000-mile rail network across 43 states and 100 ports. The trucking industry has mixed reactions: some executives worry about declining long-haul linehaul volumes, while others see opportunities in short-haul drayage and last-mile delivery. Industry analysts note the merger may shift freight flows at hubs like Chicago, while intermodal competitiveness is currently weak, and future trends remain to be seen.
US Foods and Performance Food Group announced on Monday the termination of merger talks, ending months of formal evaluation. Both parties stated they will focus on independent strategic plans, and US Foods also approved an additional $1 billion share repurchase program.
Page Trucking, headquartered in Weedsport, New York, announced the acquisition of Massachusetts-based bulk carrier Goulet Trucking, aiming to create one of the largest specialized bulk transport companies in North America. The combined company will operate over 500 trucks and 1,500 pieces of equipment and will form a new entity, Page G.T.C. The transaction is expected to close in the first quarter of 2026, with specific terms undisclosed.
Schneider National is expanding its dedicated transportation business through acquisitions. CEO Mark Rourke stated at an investor conference on November 12 that the company intends to acquire more carriers, noting that scale is critical in this market. Between 2022 and 2024, the company acquired Midwest Logistics Systems, M&M Transport Services, and Cowan Systems, with each deal involving specialized equipment or long-term contracts. CFO Darrell Campbell revealed that opportunities exist in the current market and the company has a robust pipeline of acquisition targets.
Forward Air's third-quarter operating profit fell nearly 34% year-over-year to $15 million, with losses in other businesses widening to $18.3 million. The company has implemented cost-cutting measures and is considering strategic alternatives.