Fastfrate Group has taken a majority stake in the Challenger Group.
Fastfrate Group will add the Challenger Group’s cross-border trucking services to its LTL, TL, intermodal, drayage, logistics, warehousing, distribution services, home delivery, e-commerce offerings.
The new entity will bring over 100 years of experience combined, more than 5,000 employees and owner operators, over 1.2 million square feet of facilities, and over 5,500 pieces of equipment.
“Our acquisition of the Challenger Group brings together two iconic organizations in transportation and supply chain,” said Ron Tepper, chairman of Fastfrate Group.
“Together, we are a force within our industry that will compete collectively to deliver a complete and complementary suite of solutions to customers. This will serve to help our customers as supply chains become more diverse.”
Challenger Group will continue to operate independently under incoming CEO Jim Peeples. Dan Einwechter will remain chairman of Challenger Group and join the board of directors of Fastfrate Group. Manny Calandrino will continue as CEO of the Fastfrate Group. Current employees and management teams at both organizations will not be impacted by the transaction.
“With similar histories of entrepreneurship and growth, this is as much an acquisition as it is a partnership of like minds,” Einwechter said.
“We are excited to offer truly end-to-end transportation and supply chain solutions to our customers which support their needs and grow their business.”
With seven companies and 40 locations operating across Canada and the United States, Fastfrate Group is one of the largest independently owned transportation and supply chain companies in Canada. It has been operating for 56 years.