Polaris Transportation Group has acquired PRI Logistics, a third-party logistics brokerage, in a deal that will give the Canadian carrier access to more freight as it grows its cross-border less-than-truckload (LTL) business.
Polaris announced the acquisition on Monday, March 2, the same day that the deal closed. PRI Logistics will operate under Polaris Global Logistics.
"PRI has built a great book of business with a dynamic client base," Polaris CEO Dave Cox told FreightWaves.
Polaris, with a fleet of about 160 trucks, will benefit from more streams of freight for its growing cross-border Canada-U.S LTL business. PRI, under the Polaris umbrella, will still continue to serve existing carriers.
Cox said the Polaris fleet will expand organically as its cross-border LTL business grows with tightly scheduled service between the Toronto area and major U.S. cities.
Polaris reported that it handles about 300,000 cross-border orders per year between Canada and the U.S.
"Polaris has always been aggressive and will continue to be aggressive," Cox said of the company's future growth plans.
Freight rates for cross-border LTL have continued to surge as growth in demand, especially from the U.S. to Canada, has outstripped capacity.
The forthcoming ratification of the U.S.-Mexico-Canada Agreement, NAFTA's successor, will bring more clarity for the U.S.-Canada trade relationship, Cox said.
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