ArcBest has entered into a definitive agreement to acquire MoLo Solutions, a Chicago-based truckload freight brokerage.

With the acquisition, ArcBest will double its available capacity and become a top 15 U.S. truckload broker with access to over 70,000 carrier partners, ArcBest officials said in a press release.

MoLo revenue in 2020 was $274 million, an increase of more than 100% over the previous year, and MoLo expects revenue of approximately $600 million in 2021.

According to ArcBest, the acquisition will improve ArcBest’s ability to serve larger customers and expand access to truckload capacity partners; expand ArcBest’s revenue opportunities through increased cross-selling potential, better ability to secure new customers and a strong presence in Chicago; and enhance shareholder value.

“ArcBest’s timely investment further accelerates growth by increasing the scale of our asset-light business, and MoLo’s proven ability to cultivate significant shipment growth with large shippers will be highly complementary and synergistic,” said Judy McReynolds, ArcBest chairman, president and CEO.

Andrew Silver, CEO of MoLo added: “MoLo has been able to reach $600 million in annual revenues with only 500 shippers; in doing this deal, we can now tap into ArcBest’s 30,000 existing shippers and offer them the same level of service we’ve been providing our existing customers. In addition to that, we can now offer our customers a breadth of services we couldn’t before, including owned assets, increased drop trailer capabilities, LTL, expedited, outsourced transportation management, and more.”