CRST International has announced the acquisition of Kentucky-based Pegasus Transportation to expand its temperature-controlled operations footprint.
CRST funded its purchase of Pegasus through existing cash reserves, which the company said will allow it to remain debt-free. Pegasus is a regional truckload carrier with a focus on the high-security, temperature-sensitive health sciences sector as well as the just-in-time automotive industry.
The acquisition was seen as a move to expand CRST’s capabilities by adding in high-value, high-security transportation services.
“We are always in search of adding companies to our portfolio that offer services which allow us to expand our capabilities for our customers,” said Dave Rusch, president and CEO of CRST International. “We are thrilled to be working with the Hanke, Lockard and Pegasus families on this acquisition and look forward to growing Pegasus in their market.”
Over the past two years, CRST has been making acquisitions as part of an aggressive growth strategy. In that time, it has acquired Specialized Transportation, Allied Special Products and BESL Transfer company. CRST also launched a Temperature Controlled Team Service offering.
“We are excited to be part of the growing family of CRST,” said Gary Hanke, president of Pegasus Transportation. “With their support, we look forward to offering our customers a wider range of services in more locations.”