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Regency Transportation & Distribution has acquired the assets of S&M Transport of Edison, N.J., the company announced April 13.
The Franklin, Mass.-based and family-owned dry van truckload and warehousing firm expects the acquisition to be complex. The company therefore will allow the existing team there to continue to have autonomy over its driver pool temporarily.
“This is a great opportunity for us as we’ve been trying to grow our footprint in New Jersey for some time,” Regency President Ed Rodricks said in a statement. “Beyond its driver pool, S&M has a small but excellent office staff, all of whom will remain with Regency.”
Regency first announced that it had entered into an agreement to acquire the assets of S&M on Feb. 12. The company is optimistic the acquisition will help it overcome problems it faced because of tough market conditions last year.
“2019 was a very difficult year for the trucking industry, particularly in the truckload sector, which is our bread and butter,” Rodricks said. “This acquisition does not solve all the problems we faced last year but is a giant step in the right direction, and we are very excited about the potential the S&M team brings to our new organization.”
Regency plans to evaluate the best way to transition resources, systems and best practices into its own network over the next few months. S&M is a truckload carrier with 23 local drivers. Owner Robert Stacer founded the company 25 years ago.
The industry is struggling to attract a new generation of technicians to maintain and repair increasingly high-tech trucks. Seth Clevenger spoke in Atlanta with Technology & Maintenance Council President Robert Braswell and Chairman Stacy Earnhardt to find out who’s fixing the trucks of tomorrow. Hear a snippet, above, and get the full program by going to RoadSigns.TTNews.com.
Rodricks said the transaction price has not been made public. The acquisition will help the company expand operations into north and central New Jersey, with Edison being the central point.
Regency, founded in 1985, boasts a fleet of 150 tractors, 700 trailers and 400,000 square feet of warehousing space in four locations. S&M Transport will be its fifth acquisition.
Sweeney Transportation was the most recent acquisition, in April 2018. Regency also has added John Jeffrey Inc. in Gloucester City, N.J., in 2004, Sun Transportation in Worcester, Mass., in 2007 and Ferris Transportation in Brimfield, Mass., in 2012.
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Source: https://www.ttnews.com/articles/regency-transportation-acquires-sm-transport
