CRST International Inc. of Cedar Rapids, Iowa, announced its acquisition of fellow privately-held trucking company Pegasus Transportation Inc. of Louisville, Ky. Terms were not made public, although CRST said it funded the purchase through existing cash reserves, allowing it to remain debt-free. The company reported annual revenues in excess of $1.5 billion.
Founded in 1988, Pegasus provides regional truckload services with a focus on the high-security temperature-sensitive health sciences sector and the critical just-in-time automotive industry. CRST has seven operating companies and employs more than 7,000 company drivers, independent contractors and office personnel across the United States.
CRST said that with its acquisition of Pegasus, it continues an aggressive growth strategy. In the past two years, the company has acquired Specialized Transportation Inc., Allied Special Products (the specialized division of North American Van Lines) and BESL Transfer Co., as well as launching its own temperature-controlled team service offering.