INGERSOLL, Ont. -- Trucknews.com has learned that automotive trucking company Verspeeten Cartage has purchased Moe’s Transport.
Scott Verspeeten, general manager of Verspeeten Cartage confirmed the deal this afternoon. Even before the deal, Verspeeten ranked as one of Canada’s biggest automotive specialists. According to the Top Tier report published by Motortruck Fleet Executive, Verspeeten ran 280 tractors and 518 trailers. Moe’s operates 350 tractors and 690 trailers.
“The purchase of Moe’s fits well into our existing business segment, sharing many of the same customers which should strengthen and increase current capacities,” said Ron Verspeeten, president of Verspeeten Cartage. “We are very excited to work with Moe’s Management and staff, continuing to provide quality truckload service to all customers.”
Moe’s operates terminals in Windsor, Ont., Whitby, Ont. and Romulus, Mich. Just last year Verspeeten celebrated its 60th year in business.
Mark Borkowski, president of Mercantile Mergers & Acquisitions Corp., said Verspeeten’s ability to take on such a major acquisition speaks to its strong management.
“They bought (Moe’s) because they wanted the customers,” Borkowski said. “They wanted the organization. (It’s a) well managed company. Well structured. Even as smaller guys they were able to go to their bank and say, ‘Look at how well this company is managed. We want to take on a giant.’ Yes, the smaller guy did prevail in this particular case. You will see those types of transactions on occasion but not as often as we used to.”