Truckload carrier Ascend announced Monday its fourth acquisition of the year with the purchase of Fuchs Trucking LLC, a regional truckload carrier headquartered in Sauk City, Wisconsin.
Founded in 1955, Fuchs Trucking serves customers in the building materials and furniture industries. The Midwestern dry van carrier has 96 trucks and 90 drivers, according to the Federal Motor Carrier Safety Administration.
Financial terms of the transaction were not disclosed.
“Fuchs’ geographic footprint and focus on the customer makes them a perfect complement to the Ascend network,” Ascend CEO Michael McLary said in a statement. “We will continue to acquire regional truckload companies that align well with Ascend, layering in our technology and driver-friendly routes and policies while strengthening the network density.”
The acquisition increases Ascend’s assets to more than 1,100 tractors and over 3,200 trailers. Jackson, Tennessee-based Ascend launched in January as a dry van, full truckload carrier focused on middle-mile freight markets. The firm is backed by private equity firm Wellspring Capital Management Group, headquartered in New York.
Ascend was formed with the acquisition of Jackson-based Milan Supply Chain Solutions and Potonoc, Mississippi-based J&B Services in January. The company also acquired Dedicated Transportation Solutions the same month. In addition to its trucking division, Ascend operates a truckload brokerage.
Fuchs Trucking President Jay Doescher will remain with the company after the acquisition.
“We will benefit by combining with Ascend to expand our capabilities and improve our buying power, boosting our competitiveness in the regional truckload market,” Doescher said in a statement.
Ascend’s announcement follows a wave of mergers and acquisitions in the trucking industry in recent months. Werner Enterprises also announced Monday that it has acquired freight broker ReedTMS Logistics for $112.4 million. The transaction also included the acquisition of a small dedicated carrier. In September, Ryder System acquired Baton, a San Francisco-based logistics tech startup.
Watch: Reefer rejection rates fall below 6%.
Click for more FreightWaves articles by Noi Mahoney.
More articles by Noi Mahoney
Cyberattack disrupts Mexico’s transportation system
Experts discuss how truckers can survive freight recession
Push to reshore US manufacturing motivated by global supply chain issues
The post Ascend acquires Wisconsin-based carrier Fuchs Trucking appeared first on FreightWaves.