Integrated Freight is expanding its trucking operations in the Midwest by acquiring M. Bruenger Trucking, Wichita, Kan., for approximately $11 million.
The acquisition of 74-year-old Bruenger will boost two-year-old Integrated Freight's annual revenue to more than $60 million, the truckload carrier said.
"The addition of Bruenger Trucking marks a significant milestone for IFC" as it builds a national freight network, said Paul Henley, CEO of Integrated Freight.
"Acquiring a company with the reputation and longevity of Bruenger in such a strategic geographic area is a watershed event for us," Henley said.
By The Numbers: Cass Freight Index.
Bruenger hauls refrigerated and dry van freight, including foodstuffs and general commodities, dispatching 160 tractors from its Wichita headquarters.
The $21 million company adds density and coast-to-coast lanes to IFC's network, which is largely focused on the Upper Midwest and Texas.
The acquisition includes the carrier's M. Bruenger & Co. subsidiary.
IFC manages its subsidiaries as independent companies, under existing management. CEO Butch Bruenger will continue to run Bruenger Trucking.
The "business combination" will allow the company to expand, strengthen customer service and provide employees with greater opportunities, Bruenger said.
Bruenger became president of the company in 1975 after the death of his father, Maurice Bruenger, who founded the company during the Great Depression.
Henley founded IFC in Sarasota, Fla., in 2008 expressly to acquire established motor carriers, starting with Morris Transportation and Smith Systems Transportation.
IFC's goal is to build a nationwide network with as much as $120 million in revenue, according to documents filed with the Securities and Exchange Commission.
It plans to buy additional truckload motor carriers, targeting closely held businesses that need liquidity in the economic recovery, the company said in its SEC filing.
"Significant opportunities exist … to combine numerous synergetic small to mid-size trucking carriers and freight brokers" to build a larger company, it said.
IFC's stock is traded on the OTC Bulletin Board under the symbol IFCR.OB.
According to its SEC filing, the carrier has pending acquisitions in several parts of the country, from the Northwest to the Southeast.
-- Contact William B. Cassidy at email@example.com.