Penske To Acquire Epes Transport

Penske To Acquire Epes Transport. Various media outlets are reporting Penske Logistics has reached an agreement in principle to acquire North Carolina-based Epes Transport Systems, adding more than 1,200 units to its transportation and logistics portfolio. Epes employees were told of the pending acquisition in May, reports said, and the deal is expected to be closed in a few weeks. Penske is expected to retain Epes CEO Britt Colley and CFO Richard Kuehn, JOC.com reported. On May 24, about two weeks after the employees were told of the pending merger, Epes announced its largest pay raise in the company’s 85-year history. Nearly $3 million was being invested into compensation for company drivers, effective June 3. It raised per-mile pay for company drivers 2 cents per mile as well as offering a 2-cents-per-mile performance bonus for meeting monthly mileage and delivery goals. Epes, the largest private trucking company in North Carolina, is a dry-van truckload carrier operating in the southeast, southwest, midwest, northeast and Texas, and a dedicated division operating in the southeast and Gulf Coast. The Journal of Commerce says it generates $300-$400 million in revenue annually hauling for retailers and consumer brands. It owns terminals in North Carolina, Texas, Virginia, Tennessee and Georgia. Penske Logistics, named one of America’s Best Employers by Forbes magazine (No. 72), operates warehouses for many Fortune 500 companies and provides dedicated services for many of the top brands in the country.