CRST International Inc has acquired privately held Pegasus Transportation Inc, based in Louisville KY.
Founded in 1988, Pegasus provides regional truckload services, with a focus on the high-security, temperature-sensitive, health sciences sector and the critical, just-in-time automotive industry. CRST funded the purchase through existing cash reserves, allowing the company to remain debt-free.
Dave Rusch, president and chief executive officer of CRST, said, “CRST International is comprised of seven specialized transportation companies. We are always in search of adding companies to our portfolio that offer services which allow us to expand our capabilities for our customers. The acquisition of Pegasus Transportation further complements our service offering through high-value, high-security transportation services. We are thrilled to be working with the Hanke, Lockard, and Pegasus families on this acquisition and look forward to growing Pegasus in their market.”
“The acquisition of Pegasus will allow CRST to expand its temperature-controlled operations nationwide footprint through their expanded customer base.” said Mike Gannon, group president. “For CRST and Pegasus it means improved fleet utilization and increased operating efficiencies. We look forward to working with the Pegasus employees and customers.”
CRST’s annual revenues exceed $1.5 billion and it currently employs more than 7,000 company drivers, independent contractors, and office personnel across the United States. With this acquisition, CRST continues its aggressive growth strategy. In the past two years, it has acquired Specialized Transportation Inc, Allied Special Products (the specialized division of North American Van Lines), and BESL Transfer Company, as well as launching from start-up a Temperature Controlled Team Service offering.
For more information, access www.crst.com.
