LTL carrier Pitt Ohio expands in Northeast with Teal’s buy
Regional transportation company Pitt Ohio will build less-than-truckload (LTL) density and expand service in the Northeast and New York by acquiring Teal’s Express, a carrier based in Watertown, New York. Terms of the transaction between the privately owned companies, announced Wednesday, were not disclosed.
Pitt Ohio said it would acquire Teal’s — a regional partner of the Pittsburgh-based company since 2016 — and integrate its employees, equipment, and terminals into its operations starting Aug. 14. Teal’s has a dozen terminals across New York, Pennsylvania, New Jersey, and Massachusetts.
The acquisition comes as investors — including companies such as Knight-Swift Transportation Holdings — show increased interest in acquiring LTL operations. Many LTL trucking companies, including smaller carriers, are increasingly profitable, but need greater density to meet customer demand.
The purchase continues Pitt Ohio’s expansion through acquisition and investment in other companies, including sister companies Ross Express in New England and Dohrn Transfer in the Midwest. Pitt Ohio is the 15th-largest US LTL carrier, with $780 million in revenue in 2021, according to SJ Consulting Group.
The deal also underscores an ongoing shift in northeastern LTL networks under way since New England Motor Freight, once the largest regional LTL operator in the Northeast, shut its doors in 2019.
Pitt Ohio, which offers LTL service in the Mid-Atlantic and Midwest, will gain eight terminals in New York state, where it currently has no facilities of its own. Teal’s has about 64 drivers, 66 vehicles, and 149 trailers, according to data filed with the Federal Motor Carrier Safety Administration.
Ross Express, a New Hampshire-based Pitt Ohio sister company, will continue to provide service between New England and New York State, the companies said in a statement.
by William B. Cassidy at JOC