JACKSONVILLE, Fla. & DALLAS--(BUSINESS WIRE)--Insert as fourth paragraph of release: Harris Williams & Co. served as the financial advisor to Sunteck on the merger. Stifel served as the financial advisor for TTS.
The corrected release reads:
SUNTECKTTS DEAL CLOSED CREATING A “TOP 10 NORTH AMERICAN FREIGHT MANAGER”
SunteckTTS expanding capacity, supply-chain solutions and productivity gains
The merger between Sunteck and TTS, LLC, announced on October 23, 2016, has officially closed. The resulting company will be one of the largest multimodal, agent-based freight management service providers in the U.S., approaching $1 billion in gross revenue, and managing more than 700,000 intermodal, truckload and less-than-truckload shipments annually.
Operating under the name SunteckTTS, the entity’s 200+ agents and wide-ranging customer base will now source increased capacity through a combined network of more than 30,000 carriers. In addition to its strong non-asset capabilities, SunteckTTS will have a combined 2,000 truck fleet in its direct asset-light capacity division. The existing direct rail intermodal program from TTS, with access to more than 200,000 pieces of equipment, will be enhanced by the large intermodal drayage network from Sunteck. This capacity will become critical as driver shortages and industry consolidation continues, enabling the new entity’s agents to better service their customers and provide long-term service commitments.
As shippers require more complex and robust data solutions, increased size and leverage within the logistics sector and access to the most leading-edge technology will become more important. Smaller 3PLs, or agent-based models, will benefit from the increased buying power and resources of SunteckTTS.
Harris Williams & Co. served as the financial advisor to Sunteck on the merger. Stifel served as the financial advisor for TTS.
With offices in Dallas, TX and Jacksonville, FL, SunteckTTS combines two third-party providers of transportation and logistics management services to create one of the largest multimodal, agent-based freight management service providers in the United States. The company provides direct rail and intermodal drayage, less-than-truckload, truckload brokerage services, more than 30,000 carriers and a fleet of over 2,000 trucks. SunteckTTS agents service a wide range of markets including food, oil, automotive, electronics, textiles, lumber, paper/printing products, and machinery across North America. For more information, visit http://suntecktransport.com/ or http://tts-us.com/.