NAPA Transportation buys Payne Trucking
January 26, 2011
In a harbinger of perhaps more mergers and acquisitions within the trucking industry, NAPA Transportation, Mechanicsburg, Pa., has acquired certain assets of the dry van and brokerage divisions of Payne Trucking, Fredericksburg, Va.
Terms of the deal were not disclosed. The acquisition was assisted by Transport Capital Partners, LLC, a leader in transportation mergers, acquisitions, capital sourcing, and consulting.
During the recession and trucking industry slump from 2007-2010, there were very few mergers and acquisitions within the industry as most executives reserved their capital for operations. Now that the overall trucking market has improved, analysts and executives say privately they expect more deals like the NAPA-Payne acquisition.
Payne Trucking is a dry van truckload carrier that provides medium length of haul and dry van service primarily in the eastern United States. It also provides brokerage services. The company currently operates 80 tractors and approximately 176 trailers. Danny Payne, the owner of Payne Trucking, will continue to operate his bulk commodities semi-trailer dump truck business under the name of Payne Trucking.
NAPA Transportation is a leading provider of food and consumer goods throughout the northeastern United Sates with a fleet of 235 tractors and 535 trailers.
“This new terminal location supports our desired network concentration in the middle Atlantic and Northeast corridors,” said Ron Accomando, NAPA CEO. “We are pleased to bring these two organizations together With terminals located on both 81 and 95 in Virginia, this acquisition strengthens our
presence while enabling the business to increase its efficiency, expand its customer base, and add new services.”
Lana Batts, managing partner of Transport Capital Partners, called NAPA and Payne “solid providers” of dry van transportation services in the northeast with strong management teams.
“The special advantages each brings will build upon NAPA’s future success,” noted Steven Dutro, Managing Partner of TCP
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