A Canadian transportation company announced the acquisition of a majority stake in Challenger Motor Freight.
On Thursday, Woodbridge, Ontario headquartered transportation and logistics company Fastfrate Group announced the majority acquisition of Challenger Group trucking company Challenger Motor Freight, headquartered in Cambridge, Ontario.
Financial terms of the acquisition were not disclosed.
The companies say that Challenger Group will continue to operate independently and that current employees and management teams at both organizations will not be impacted by the transaction.
“Who we are won’t change,” said Jim Peeples, CEO of Challenger Group. “Like Fastfrate Group, we remain focused on delivering exceptional service, maintaining a people-first culture, and providing end-to-end services that meet our customers’ needs. Those common values are what will drive our collective success.”
According to the FMCSA’s SAFER website, Challenger Motor Freight operates 791 trucks and employs 811 drivers.
“Our acquisition of the Challenger Group brings together two iconic organizations in transportation and supply chain,” said Ron Tepper, Chairman of Fastfrate Group. “Together, we are a force within our industry that will compete collectively to deliver a complete and complementary suite of solutions to customers. This will serve to help our customers as supply chains become more diverse.”
Fastfrate Group has been in operation for 56 years and now operates 7 companies and 40 locations operating across Canada and the United States. Other Fastfrate Group companies include Fastfrate, Canada Drayage Inc., Fastfrate Integrate Logistics, Bestway, ASL Distribution, and United Transfer Limited. Fastfrate Group says that they are now one of the largest independently owned transportation and supply chain companies in Canada.
Challenger Motor Freight has been in operation for 48 years and provides LTL, full truckload, rail transport, intermodal, and expedite service in Canada and across the border in the U.S.