Panther Expedited is an “excellent strategic fit” for Arkansas Best as it works to offer end-to-end logistics solutions, said President and CEO Judy R. McReynolds.
“We are very enthusiastic about this unique transaction, which met all of our criteria for growth among many options we analyzed for several years,” she said.
The acquisition will push the Fort Smith, Ark.-based holding company beyond the $2 billion revenue mark in 2012 and accelerate Arkansas Best’s diversification.
“With Panther operating as a sister company to ABF Freight, our core LTL business, we are better positioned to serve as a premier one-source logistics partner.”
The acquisition combines two radically different types of transport operator in one portfolio.
ABF is a unionized carrier with about 10,000 employees, mostly Teamsters, that moves palletized freight on a scheduled basis through its terminal network.
The carrier, founded in 1923, is the sixth-largest U.S. LTL carrier, according to SJ Consulting Group data, ranked just below Old Dominion Freight Line.
Panther, founded in 1992, provides door-to-door service through a network of 5,000 ground and air line-haul carriers, all independent contractors.
