ArcBest To Buy MoLo Solutions

(RTTNews) - Supply chain logistics company ArcBest (ARCB) Wednesday said it has acquired MoLo Solutions LLC, a Chicago-based truckload freight brokerage.

Terms of the transaction include a cash payment at closing of $235 million from available funds. The acquisition is expected to close in the fourth quarter.

With the acquisition, ArcBest will become a top 15 U.S. truckload broker with access to over 70,000 carrier partners.

Founded in 2017, MoLo was recently ranked at No. 1 position in the Transportation & Logistics industry on the "2021 Inc. 5000 Fastest-Growing Private Companies in America". MoLo revenue in 2020 equaled $274 million, an increase of more than 100% over the previous year, and MoLo expects revenue of approximately $600 million in 2021.

"We are pleased to add MoLo's significant capabilities and talent to our truckload brokerage offering, allowing us to better meet the critical needs of our customers, deliver comprehensive supply chain solutions and accelerate our company's continued growth," said Judy R. McReynolds, ArcBest chairman, president and CEO. "Since its founding four years ago, MoLo has built a strong foundation and reputation for excellence based on trusted customer and carrier relationships, as well as a proven ability to offer unsurpassed service. Since we began discussing a possible transaction several months ago, it became clear what a great fit MoLo was with ArcBest."