March 02, 2015: CRST International, Inc., one of the largest privately-held transportation companies in the United States, today announced the acquisition of privately-held Pegasus Transportation, Inc., based in Louisville, KY.
Founded in 1988, Pegasus is a leading provider of regional truckload services, with a focus on the high-security, temperature sensitive, health sciences sector and the critical, just-in-time automotive industry. CRST funded the purchase through existing cash reserves, allowing the company to remain debt-free.
Dave Rusch, President and CEO of CRST International said, "CRST International is comprised of seven specialized transportation companies. We are always in search of adding companies to our portfolio that offer services which allow us to expand our capabilities for our customers. The acquisition of Pegasus Transportation further complements our service offering through high-value, high-security transportation services. We are thrilled to be working with the Hanke, Lockard and Pegasus families on this acquisition and look forward to growing Pegasus in their market," added Rusch.
"The acquisition of Pegasus will allow CRST to expand its temperature controlled operations nationwide footprint through their expanded customer base." said Group President Mike Gannon. "For CRST and Pegasus it means improved fleet utilization and increased operating efficiencies. We look forward to working with the Pegasus employees and customers."
Gary Hanke, President of Pegasus Transportation said, "We are excited to be part of the growing family of CRST. With their support, we look forward to offering our customers a wider range of services in more locations."
CRST International's annual revenues exceed $1.5 billion and it currently employs more than 7,000 company drivers, independent contractors and office personnel across the United States. With this acquisition, CRST continues its aggressive growth strategy. In the past two years, CRST has acquired Specialized Transportation, Inc., Allied Special Products (the specialized division of North American Van Lines), and BESL Transfer Company, as well as launching from start up a Temperature Controlled Team Service offering.
CRST International, Inc.
Cedar Rapids, Iowa–based CRST International, Inc. is one of the largest privately-held transportation companies in the United States. Through its seven operating companies, CRST provides a broad array of transportation solutions, including expedited van, flatbed, dedicated services, brokerage, transportation management, high value product white glove moving services and expedited temperature controlled team services. CRST's operating companies are made up of CRST Expedited, Inc., CRST Malone, Inc., CRST Dedicated Services, Inc., CRST Logistics, Inc., Specialized Transportation (STI), Temperature Controlled Team Service (TCTS) and BESL Transfer Company.