TNI || New Delhi || 3rd Oct 2021
A Chicago-based truckload freight brokerage, MoLo Solutions, will be acquired by ArcBest.
Due to this, ArcBest’s available capacity will be doubled and therefore will come under the top 15 U.S. truckload brokers that will have an access to more than 70,000 carrier partners.
The revenue of MoLo was $274 million last year, which was an increase of more than 100% over the preceding year.
The company expects revenue of $600 million this year. With this acquisition, ArcBest will improve its ability to serve large customers, expand its horizon of revenue opportunities via cross-selling potential, and will have a strong presence in Chicago.
As per Judy McReynolds, who is ArcBest’s Chairman, President & CEO, this timely investment will further accelerate growth, thereby increasing the scale of their asset-light business.
According to MoLo’s CEO, Andrew Silver, their company has been able to reach a revenue of $600 million with only 500 shippers; with this deal, they will be able to work on 30,000 existing shippers of ArcBest, and offer them the same level of service that they are used to providing.