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The joining of trucking companies comes with challenges throughout the merger and acquisition process. The slow-moving procedure was exacerbated during the boom/bust cycle of 2022-23.

As trucking mergers and acquisitions followed the freight market into a down cycle, conditions have stabilized, showing positive signs for the sector going forward.

Mullen Group closed its previously announced acquisition of fellow Canadian business ContainerWorld Forwarding Services, the company revealed May 3.

Diamond State Trucking & Logistics is to buy Morton, Ill.-based flatbed carrier Yordy Transport for an undisclosed sum, parent company PS Logistics said.

TFI International is to buy less-than-truckload carrier Hercules Forwarding Inc. for an undisclosed sum, it said.

Kenan Advantage Group bought Northern Dry Bulk for an undisclosed sum, marking its first major foray into dry bulk haulage, the top-ranked tank transporter said.

Profits at TFI International in the fourth quarter fell 14.4% compared with the same period a year earlier, as acquisitions softened the impact of a weak freight environment.

PS Logistics’ Blair Logistics unit announced it has acquired the flatbed division of Kenly, N.C.-based ELS for an undisclosed sum.

Sunoco LP, a U.S. gas station owner, agreed to acquire pipeline and fuel storage company NuStar Energy LP for about $7.3 billion in a move to buy up more of a key part of its supply chain.

The trucking acquisition market is looking to enter a more active year with market conditions likely to drive buyers and sellers to the table in 2024, according to the Tenney Group.