Daseke adds three more trucking companies in a busy M&A year
2017 continues to be a busy M&A year for Daseke Inc. (Nasdaq: DSKE). The truck operator has acquired Tennessee Steel Haulers & Co., the Roadmaster Group and Moore Freight Service. The deals are part of Daseke's strategy to grow in niche geographic markets and sectors through acquisitions.
Tennessee Steel is based in Nashville and was founded in 1977. The company has a strong presence in Mexico, and additional operations on the East and Southeast coasts. Roadmast is located in Phoenix and is known for transporting high security cargo. Moore Freight is headquartered in Mascot, Tennessee and mainly delivers commercial sheet glass. Vinson & Elkins represented Daseke.
"We’ve added three exceptional organizations to our family of operating companies focused on unique sectors with promising growth characteristics,” says Daseke CEO Don Daseke.
Addison, Texas-based Daseke operates more than 5,200 tractors and 11 thousand flatbed trucks and trailers. Some of its main customers include Boeing Co. (NYSE: BA), Caterpillar Inc. (NYSE: CAT) and General Electric Co. (NYSE: GE). Earlier in 2017, Daseke purchased R&R Trucking, competitors the Schilli Cos., Big Freight Systems and the Steelman Cos.
According to Don Daseke, Daseke holds less than one percent marketshare of the open-deck truck segment, that is valued at around $133 billion. Open-decks are trucks that can be loaded from the top or side and usually transport heavy industrial and construction equipment.