Shelbyville, TN., October 29, 2021 – Titan Transfer, Inc., a truckload carrier servicing all parts of the United States, announced the acquisition of the assets of Central Pennsylvania Transportation (CPT) of Lancaster, PA. CPT is a dry van carrier that was founded by Chic Rhoads with three trucks. Today the company operates 71 company-owned trucks and approximately 91 drivers (a mix of employee and owner operator drivers). The financial terms of the deal were not disclosed. Tenney Group, an industry specialized M&A firm, advised the seller.
The strategic acquisition of Central Pennsylvania Transportation supports Titan’s commitments to growth, safety, and excellence. Other notable acquisitions for Titan over the past few years have included RRR Express out of Cincinnati, OH and Reynolds Logistics out of Tucson, AZ, and, most recently, JTL Carriers out of Franklin, WI. Founded in 2000, Titan is a leading provider of cargo transportation services with customers across the country. Titan’s sister company, Goggin Warehousing, provides warehousing services to the industry as well. Phillip Edwards, President of Titan Transfer, shared “The rich history of Central Penn, their strong values, and the way they genuinely partner with their customers compliments how we do business at Titan very nicely. We are very excited about the transaction and the opportunities it will make available to our growing team in the future.” The addition of CPT will take Titan’s existing fleet count well beyond 600.
Matt Rhoads, former owner of CPT, and his family have been serving the trucking industry for two generations over 36 years. He will stay on as a consultant for Titan Transfer for a period of time. Mr. Rhoads shared this about the transaction, “When it became clear that there was not a likely successor from within the family, it was very important to me to find the best ‘next home’ for our people. Titan has a great vision, a wonderful team, and I am excited to be part of it.”
Spencer Tenney, President and CEO of Tenney Group, shared “Titan’s acquisition of CPT is consistent with a broader trend in this industry. The challenge to secure drivers and trucks is constraining growth options for many operations. Acquisitions continue to be an effective tool to combat and overcome those challenges and for building and protecting business value during a very disruptive time.”
For more information on Titan Transfer, Inc., visit www.titantransferinc.com.
Tenney Group is a merger and acquisition advisory firm that has been dedicated to the transportation and logistics industry since 1973. For more information, visit www.thetenneygroup.com.
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