Bengur Bryan Advises Saia, Inc. on its Acquisition of 28 Yellow Corporation Terminals

Bengur Bryan, a leading investment banking firm that provides merger and acquisition services, private placements of equity and debt, and financial advisory services, is pleased to announce that Saia, Inc. was the winning bidder for 28 terminals of Yellow Corporation (“Yellow”) auctioned in connection with Yellow’s pending Chapter 11 bankruptcy.

Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, agreed to pay a total of $235.7 million for 17 Yellow terminals for the first wave of properties that were auctioned in December 2023. These terminals are located in the following markets: Fresno, California; Seaford, Delaware; Augusta, Georgia; Bowling Green, Kentucky; Paducah, Kentucky; West Boston, Massachusetts; Grand Rapids, Michigan; Grayling, Michigan; Duluth, Minnesota; Owatonna, Minnesota; Trenton, New Jersey; Rochester, New York; Akron, Ohio; Youngstown, Ohio; Reading, Pennsylvania; Knoxville, Tennessee; and Laredo, Texas.

Saia, Inc. participated in a second auction held in late December 2023 and secured a winning bid for 11 additional sites at $7.9 million across several Western states with a concentration in Montana, South Dakota and Wyoming.

“The addition of these new facilities furthers our multiyear strategy of expanding Saia’s national terminal footprint and, as they are opened over time, they will enable us to provide better service to both new and existing customers,” said Saia President and CEO Fritz Holzgrefe. “These terminals, once opened, will allow us to provide direct coverage in new markets, add density in existing markets and serve as replacement terminals for some of our existing leased and owned facilities.”

Bengur Bryan Provides Acquisition and Due Diligence Support to Salem One on its Acquisition of iTek Graphics

Bengur Bryan, a leading investment banking firm that provides merger and acquisition services, private placements of equity and debt, and financial advisory services, is pleased to provide acquisition and due diligence support to Salem One on its acquisition of iTek Graphics.

Bengur Bryan provided financial advisory services to Salem One, a leading provider of print-based corporate communication solutions, on its acquisition of iTek Graphics, a prominent printing and graphics company based in Charlotte, NC. Adding to Salem One’s reach and capabilities, iTek Graphics further solidifies the company as a regional and national leader in complete corporate communications solutions.

The acquisition of iTek Graphics by Salem One was funded by investments from Granite Creek’s FlexCap III fund along with a co-investment from Patriot Capital.

“The acquisition brings together two industry leaders, jointly offering a comprehensive suite of packaging, data-driven direct marketing, signage, and logistics services,” said Brian Boorstein, Co-Founder and Partner at Granite Creek Capital Partners. “The blend of resources and expertise from the two companies offers unmatched value for clients looking to streamline their print and marketing, driving greater efficiency in their campaigns.”

As a new division of Salem One, iTek Graphics will continue operating as a stand-alone business unit led by a talented and long-tenured team in Concord, NC. iTek Graphics has built a reputation for its state-of-the-art printing capabilities, innovative design solutions, and unwavering commitment to client success. The acquisition is expected to amplify the company’s current strengths while providing clients with an even more comprehensive range of services.

“We are proud to welcome the team at iTek Graphics into the Salem One family,” said Phil Kelley, Jr., CEO of Salem One. “We have enjoyed a strong relationship with their team over the years and are excited for the opportunities that lay ahead with the joining of our organizations.”

Granite Creek’s Boorstein added, “Phil Kelley is a dynamic leader, and he and the Salem One team found a perfect match in iTek Graphics. Salem One’s acquisition of iTek Graphics strategically combines two outstanding management teams while simultaneously strengthening both companies’ ability to deliver exceptional solutions to clients.”

Bengur Bryan Advises BCB Transport on its Acquisition by CRST

BCB Transport, a safety-focused dry van, refrigerated and non-asset-based logistics company providing high performance service to Fortune 500 customers, today announced that that it has completed the sale of 100% of the Company to CRST.

Privately held, BCB Transport was built with the goal of empowering its team members through collaboration and open communication. Born from the company’s mission to: Be Safe, Communicate, and if you can, Be On-Time, BCB has achieved impressive growth over the past 12 years, strategically operating a flexible asset and asset light capacity model in one of the nation’s densest transportation corridors.

“In CRST, we’ve found the perfect match for our business. A team that shares our commitment to safety first, customer service, and empowering all team members aligns with the principles we defined when we started BCB,” said Rick Larkin, BCB Co-Founder. “We are excited to take this next step and formally bring our teams together.”

“We are thrilled to have BCB join Team CRST. With an impeccable track record for performance and data driven mindset, BCB will complement CRST’s Capacity Solutions business allowing us to find more ways to maximize our capacity and provide unlimited solutions for customers,” said Hugh Ekberg, CRST President and CEO. “In addition to operational excellence, BCB’s industry leading safety efforts align perfectly with CRST’s culture that keeps safety at the core of all we do.”

“We are pleased that we could assist BCB Transport achieve their strategic and financial goals,” said Ramon Suazo, Managing Director of Bengur Bryan.

Advisors
Bengur Bryan & Co., Inc.  served as the exclusive financial advisor to BCB Transport.
Klenda Austerman LLC served as legal advisor to BCB Transport.

Bengur Bryan Represents Cargo Logistics Group In Its Sale To Magnate Worldwide

Bengur Bryan & Co., Inc., a leading investment banking firm, is pleased to announce that Cargo Logistics Group closed on its sale to Magnate Worldwide.

Bengur Bryan served as the exclusive financial advisor to Cargo Logistics Group, a Columbia, Maryland-based company with decades of experience providing innovative and proven international and domestic mission-critical logistics solutions to businesses throughout the world, including export, import, truckloads, air freight, project distribution, ocean and other services all through their webtrak portal technology.

“We are proud to have worked with the Cargo Logistics’ team on this transaction. David Cook has built an outstanding company that is focused on providing top-tier global freight forwarding and other logistics services to its clients. As part of the Magnate Worldwide family, Cargo Logistics brings its expertise to a larger platform that will allow it to provide expanded services to existing clientele while expanding Magnate’s service offering to its own client base,” said Scott Bass, Managing Director of Bengur Bryan & Co., Inc.

Magnate’s acquisition of Cargo Logistics Group furthers Magnate’s strategic plans for growing value-added, mission-critical services. Cargo Logistics will become part of Magnate’s Masterpiece International business segment (which provides customs brokerage and international logistics services through 17 offices located in major international shipping hubs throughout the U.S.) and expand its footprint, adding a direct presence in the Baltimore and Washington, DC areas.

“We enjoyed working with the Bengur Bryan team. Their expert guidance throughout the entire process resulted in finding a great new home for Cargo Logistics and our entire team,” said David Cook, Founder and CEO of Cargo Logistics Group. “I would highly recommend Bengur Bryan to other business owners looking for expert transaction advice; their focus on my goals for Cargo Logistics’ next phase made for a smooth process, and they exceeded my expectations.”