PS Logistics Agrees to Purchase Assets of CT Transportation

The transaction will further strengthen PS Logistics’ operations in the Southeast and Mid-Atlantic

P&S Acquisition, LLC (“PS Logistics”) announced yesterday that it has entered into an agreement to purchase substantially all assets of CT Transportation, LLC (“CT Transportation” or the ”Company”). CT Transportation, originally Coastal Transport & Trading Company, was founded in 1939 and is the flatbed subsidiary of Comcar Industries, Inc.

Comcar Industries, Inc., and its subsidiaries, including CT Transportation, filed Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware (Case No.20-11120). They are continuing to operate CT Transportation as debtors-in-possession until the sale is closed. PS Logistics’ acquisition of CT Transportation’s assets is subject to approval by the Bankruptcy Court and is expected to close in the next 30 days.

CT Transportation, headquartered in Savannah, GA, has approximately 250 drivers and an experienced management team leading the Company. The Company is committed to providing excellent service to the building materials industry, supporting its drivers and long-term customers.

The transaction will further strengthen PS Logistics’ operations in the Southeast and Mid-Atlantic and provide it with several additional terminals, including Savannah, GA, Jacksonville, FL, Baltimore, MD, Mocksville, NC, Bridgeport, AL and Apollo Beach, FL.

“We are proud to welcome CT Transportation to PS Logistics” said Scott Smith, Chief Executive Officer of PS Logistics. “We look forward to working with Steve Reid and their excellent drivers and experienced operations team to continue their 80-year legacy of strong customer service. Please join us in welcoming CT Transportation as our newest addition to the PS Logistics family.”

The CT Transportation acquisition continues PS Logistics’ acquisition strategy of partnering with families and owners within the flatbed trucking segment. Since 2007, PS Logistics has successfully acquired 19 trucking and brokerage operations.

“I am very happy to be partnering with PS Logistics,” said Steve Reid, President of CT Transportation. “We are excited to be joining their team. PS Logistics’ commitment to their drivers, their people, and their customers is evidenced by their success and growth since their inception. We share the same focus, knowing our drivers and our people are the ones who make it happen on a daily basis, providing our customers the service they expect. We look forward to leveraging the strengths of both companies to grow and improve in the years to come.”

Category: Featured, General Update, News