Who is buying trucking companies?
16 named consolidator platforms are actively acquiring US trucking businesses; 4 of them are private-equity-backed. The most recent named acquisition tracked on this page closed in August 2026.
Why trucking companies are consolidating
- •As of June 2025, almost 580,000 active US motor carriers registered with FMCSA owned or leased at least one tractor. Of those, 91.5% operated 10 or fewer trucks and 99.3% operated 100 or fewer, according to the American Trucking Associations.
- •The nation's trucking freight bill came to an estimated $906 billion in gross freight revenues in 2024 (primary shipments only), according to the American Trucking Associations.
- •US transportation and logistics M&A fell to 121 transactions in 2025, down 28% from 168 in 2024. Q2 2026 closed 28 transactions, level with Q2 2025, according to PMCF Investment Banking.
The platforms consolidating trucking companies
The named groups acquiring US trucking businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
| Acquirer | Owner / backer | Type | Headquarters | Latest named deal |
|---|---|---|---|---|
| TFI International | Public (NYSE and TSX: TFII) | Strategic / public | Montreal, QC | Apr 2026 |
| Kenan Advantage Group (KAG) | OMERS Private Equity | Private equity | North Canton, OH | Mar 2025 |
| Schneider National | Public (NYSE: SNDR) | Strategic / public | Green Bay, WI | Dec 2024 |
| Werner Enterprises | Public (Nasdaq: WERN) | Strategic / public | Omaha, NE | Jan 2026 |
| Knight-Swift Transportation Holdings | Public (NYSE: KNX) | Strategic / public | Phoenix, AZ | Jul 2024 |
| PS Logistics | Gamut Capital Management and BCI | Private equity | Birmingham, AL | Nov 2024 |
| Trimac Transportation | McCaig family (took it private with management in November 2000; the company describes itself as family-run) | Strategic / family-owned | Calgary, AB | Aug 2026 |
| Estes Express Lines | Estes family (third- and fourth-generation family owned and run) | Strategic / family-owned | Richmond, VA | Jan 2026 |
| Ryder System | Public (NYSE: R) | Strategic / public | Coral Gables, FL | Feb 2024 |
| Heniff Transportation Systems | Olympus Partners | Private equity | Oak Brook, IL | Nov 2024 |
| Proficient Auto Logistics | Public (Nasdaq: PAL) | Strategic / public | Jacksonville, FL | Aug 2026 |
| RoadOne IntermodaLogistics | Ridgemont Equity Partners | Private equity | Randolph, MA | Aug 2026 |
| Pitt Ohio Transportation Group | Charles L. Hammel III, President and Owner (Hammel family) | Strategic / family-owned | Pittsburgh, PA | Jan 2025 |
| OneCompass Holdings (FST Logistics / Hyway Transportation) | Employee-owned (100% employee-owned holding company) | Employee-owned (ESOP) | Dublin, OH | Jul 2025 |
| Bennett Family of Companies | Family-owned since 1974 (CEO Marcia G. Taylor and family) | Strategic / family-owned | McDonough, GA | Feb 2026 |
| Groendyke Transport | Groendyke family (privately held, family-owned) | Strategic / family-owned | Enid, OK | Aug 2024 |
TFI International
Strategic / public- Owner
- Public (NYSE and TSX: TFII)
- Headquarters
- Montreal, QC
- Scale
- 12,927 company-operated tractors, 6,194 owner-operator tractors and 40,687 trailers (Transport Topics 2026 Top 100, 2025 data)
Headquartered in Canada but buys US carriers. TA Dedicated announced the Triangle Warehouse deal on April 13, 2026, and we found no closing notice. On TFI's late-July 2026 Q2 earnings call, CEO Alain Bédard said TFI is 'on the hunt' for acquisitions, including a US nonunion LTL (less-than-truckload) carrier.
Kenan Advantage Group (KAG)
Private equity- Owner
- OMERS Private Equity
- Headquarters
- North Canton, OH
- Scale
- More than 200 terminals and 130 maintenance shops across the U.S. and Canada (Trucking Dive, Mar 2025)
OMERS agreed in 2015 to buy KAG from Goldman Sachs Capital Partners and Centerbridge. Transport Topics still listed OMERS as owner in its 2026 profile, and OMERS Private Equity still lists KAG as an investment. We found no US acquisition after March 2025.
Schneider National
Strategic / public- Owner
- Public (NYSE: SNDR)
- Headquarters
- Green Bay, WI
- Scale
- 12,400 company-operated tractors, 1,900 owner-operator tractors and 51,790 trailers (Transport Topics 2026 Top 100, 2025 data)
In November 2025, CEO Mark Rourke said Schneider would like to make an acquisition every 12 to 18 months, focused mainly on specialty-equipment dedicated fleets (Trucking Dive).
Werner Enterprises
Strategic / public- Owner
- Public (Nasdaq: WERN)
- Headquarters
- Omaha, NE
- Scale
- Dedicated fleet of nearly 7,400 trucks after the FirstFleet deal (Trucking Dive, Jan 2026)
Knight-Swift Transportation Holdings
Strategic / public- Owner
- Public (NYSE: KNX)
- Headquarters
- Phoenix, AZ
- Scale
- 26,187 company-operated tractors and 95,908 trailers (Transport Topics 2026 Top 100, 2025 data)
We found no carrier acquisition after DHE (July 2024). In October 2025 Knight-Swift announced that DHE and Midwest Motor Express would move under the AAA Cooper brand on January 1, 2026.
PS Logistics
Private equity- Owner
- Gamut Capital Management and BCI
- Headquarters
- Birmingham, AL
- Scale
- 2,507 company-operated tractors, 2,835 owner-operator tractors and 10,630 trailers (Transport Topics 2026 Top 100, 2025 data)
Sale pending: Axios Pro reported on September 24, 2026 that PS Logistics plans a sale, so the owner may change. Gamut and BCI invested in June 2021. We found no PS Logistics acquisition after November 2024.
Trimac Transportation
Strategic / family-owned- Owner
- McCaig family (took it private with management in November 2000; the company describes itself as family-run)
- Headquarters
- Calgary, AB
- Scale
- Not disclosed
Headquartered in Canada and family-run. Its other 2025 deals, Watt & Stewart (January) and Searcy Trucking of Winnipeg (July), were Canadian. Trimac says Valley Bulk closed in 2024 but gives no month. A Truck News report from November 2000 says the McCaig family, which owned a majority of the shares, took the company private together with management.
Estes Express Lines
Strategic / family-owned- Owner
- Estes family (third- and fourth-generation family owned and run)
- Headquarters
- Richmond, VA
- Scale
- 10,659 tractors, 51,182 trailers and 300+ terminals across the U.S. and Canada (Estes About page, 2025 year-end)
Key Trucking was bought by the Estes Logistics division, which runs separately from the LTL network.
Ryder System
Strategic / public- Owner
- Public (NYSE: R)
- Headquarters
- Coral Gables, FL
- Scale
- 10,700 company-operated tractors and 20,400 trailers (Transport Topics 2026 Top 100, 2025 data)
Ryder bought Cardinal from H.I.G. Capital. The deal added 200 operating locations and 2,900 power vehicles.
Heniff Transportation Systems
Private equity- Owner
- Olympus Partners
- Headquarters
- Oak Brook, IL
- Scale
- More than 40 terminals throughout the United States (Olympus Partners portfolio page)
Olympus has owned Heniff since December 2019, and its portfolio page still shows the investment as Active.
Proficient Auto Logistics
Strategic / public- Owner
- Public (Nasdaq: PAL)
- Headquarters
- Jacksonville, FL
- Scale
- Nine operating companies, four of them added since the May 2024 IPO (Aug 10, 2026 release)
An auto-haul roll-up formed in May 2024, when the IPO combined five founding car carriers. The Hansen & Adkins deal closed on August 13, 2026.
RoadOne IntermodaLogistics
Private equity- Owner
- Ridgemont Equity Partners
- Headquarters
- Randolph, MA
- Scale
- More than 2,500 drivers across more than 100 port, rail and truckload terminals (Trucking Dive, Aug 2026)
Ridgemont led a recapitalization from Nonantum Capital Partners, announced in January 2023. Ridgemont's portfolio page gives 2022 as the year of investment. Higgins is the only RoadOne acquisition we found from 2024 to 2026.
Pitt Ohio Transportation Group
Strategic / family-owned- Owner
- Charles L. Hammel III, President and Owner (Hammel family)
- Headquarters
- Pittsburgh, PA
- Scale
- 25 LTL terminals under its own name plus 34 at sister companies Dohrn, US Special Delivery and Ross Express (Transport Topics, Jan 2025)
Sutton is being merged into Dohrn Transfer, which began operating as 'Dohrn' in August 2026.
OneCompass Holdings (FST Logistics / Hyway Transportation)
Employee-owned (ESOP)- Owner
- Employee-owned (100% employee-owned holding company)
- Headquarters
- Dublin, OH
- Scale
- FST Logistics employs over 600 employee-owners (OneCompass portfolio page)
The Koleaseco deal was an agreement to buy its assets, expected to close by August 22, 2025. We found no closing notice.
Bennett Family of Companies
Strategic / family-owned- Owner
- Family-owned since 1974 (CEO Marcia G. Taylor and family)
- Headquarters
- McDonough, GA
- Scale
- Over 1,000 drivers across 12+ affiliated companies (Bennett About page)
The NHH deal was an asset purchase: NHH's equipment, plus its employees, contractors, drivers and agents. It was made through Ace Doran, which has been part of Bennett since 2013.
Groendyke Transport
Strategic / family-owned- Owner
- Groendyke family (privately held, family-owned)
- Headquarters
- Enid, OK
- Scale
- About 40 locations nationwide (Groendyke release, Oct 2025)
Groendyke bought Linden Bulk's tank truck assets from Depot Connect International, not the whole company. It announced the deal in August 2024 and closed on September 30, 2024. Chairman John D. Groendyke died in June 2026.
Selling in your state?
What trucking businesses sell for, who is buying, and how many there are, state by state.
Frequently asked
Who is buying trucking companies in 2025 and 2026?
The busiest buyer we could document is Kenan Advantage Group (OMERS Private Equity). It bought six US tank and dry-bulk carriers between February 2024 and March 2025. PS Logistics (Gamut Capital Management and BCI) made four flatbed and dedicated deals in 2024. Trimac Transportation closed on Service Transport Company of Houston in October 2025 and agreed to buy California Freight in August 2026. Public carriers are buying too. Werner acquired FirstFleet in January 2026, Schneider closed on Cowan Systems in December 2024, TFI International closed on Daseke in April 2024, and Proficient Auto Logistics closed on Hansen & Adkins in August 2026.
Are private equity firms buying trucking companies?
Yes. Private equity-backed buyers include Kenan Advantage Group (OMERS Private Equity), PS Logistics (Gamut Capital Management and BCI), Heniff Transportation Systems (Olympus Partners) and RoadOne IntermodaLogistics (Ridgemont Equity Partners). Avkha Equity Holdings, a San Francisco private investment firm, bought Dart Transit and Dart Express effective January 1, 2026. PCE Investment Bankers reports that financial buyers made 20.8% of transportation and logistics deals in the twelve months to Q2 2026, up from 8.8% a year earlier.
What kinds of trucking companies are buyers looking for?
Specialists. PwC's US Deals 2026 outlook (December 2025) said activity remains high in pharmaceutical and healthcare logistics, dedicated transport, temperature-controlled logistics and reverse logistics. In mid-2026, PwC's Mike Ross told Trucking Dive that specialized trucking providers are the most likely to see consolidation in the second half of the year. In November 2025, Schneider's CEO said its dedicated acquisitions focus mainly on specialty equipment. He also said those deals bring very defensible three- to five-year customer contracts.
Will a buyer keep my company's name and my people?
In many of the deals we reviewed, yes. California Freight keeps its name under Trimac. Dart kept its name and operating entities under Avkha. Werner retained FirstFleet's Murfreesboro headquarters and most of its management team. All Key Trucking employees kept their jobs under Estes, and Hercules Forwarding's president and CFO stayed on under TFI. Other buyers fold the company in. Sutton Transport is being merged into Pitt Ohio's Dohrn, and Knight-Swift moved DHE onto the AAA Cooper brand in January 2026.
Can I sell my trucking company to my employees instead?
Yes. OneCompass Holdings, a 100% employee-owned holding company in Dublin, Ohio, bought Dancer Logistics of Delphos, Ohio, through FST Logistics in July 2024. In July 2025 it agreed to buy the assets of Koleaseco of Hudsonville, Michigan, and fold them into its Hyway Transportation business. PCE Investment Bankers says it advised Nussbaum Transportation Services on the sale of an interest to the Nussbaum ESOP Trust, and SDR Trucking on its sale to an ESOP trust.
Is trucking M&A picking up or slowing down?
The picture is mixed. PMCF counted 121 US transportation and logistics deals in 2025, down 28% from 168 in 2024, and 28 closed in Q2 2026, level with Q2 2025. In November 2025, Schneider's CFO said that 'with more carriers struggling, there is an opportunity.' On TFI's late-July 2026 earnings call, its CEO said the company is 'on the hunt' for acquisitions, including a US nonunion LTL carrier.
Methodology & sources
Compiled in October 2026 from trade-press M&A coverage (Trucking Dive, CCJ, FreightWaves, Transport Topics, Bulk Transporter), company and sponsor press releases, SEC filings and sponsor portfolio pages. Each platform's owner was checked against a 2025-2026 source, and we searched for any later sale, recapitalization or merger. The deal list covers US trucking targets announced or closed between January 2024 and October 2026 whose buyer's ownership could be sourced. A row is marked 'closed' only when a source says the deal was completed or effective; otherwise it is 'announced'. Several CCJ, Business Journals and company pages blocked direct reads, so for those deals we used another publication's coverage of the same deal.
Market sources
- American Trucking Associations, Economics and Industry Data ↗
- PMCF Investment Banking, Transportation & Logistics M&A Pulse Q2 2026 ↗
- PwC, Transportation and logistics: US Deals 2026 outlook ↗
Last updated October 6, 2026. Platform ownership last verified October 6, 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
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