Automotive Logistics: Pacific Horizon's $100M IPO & Jack Cooper's Expansion
The Finished Vehicle Logistics North America 2024 conference is set for 21-23 May at Waterfront Beach Resort, Huntington Beach, California. Meanwhile, major players in the industry are making significant moves, including planned IPOs and expansions.
Pacific Horizon Investment Ltd aims to raise up to $100 million through an Initial Public Offering (IPO). The funds will be used to acquire five other automotive logistics companies and expand its fleet to around 1,130 trailers. This comes as Jack Cooper, another prominent player, has been expanding its services in Mexico. In 2022, Jack Cooper opened five new locations and added 12 new customers to its roster.
In other news, Yellow, once the second-largest provider of LTL freight in the US, is facing financial challenges. The company owes $1.3 billion to secured creditors and potentially billions more to unsecured creditors. Assets are being sold to pay off these debts. Yellow operated a fleet of 12,700 trucks and handled 14.2 million shipments in 2022. However, Jack Cooper withdrew its offer to resurrect Yellow after the trucking firm filed for bankruptcy in August 2022. Earlier, Jack Cooper had acquired car carrier firm Moore Transport, adding 240 car carriers to its fleet.
The automotive logistics sector is seeing significant activity, with companies planning IPOs and expansions. Pacific Horizon Investment Ltd and Jack Cooper are among those making strategic moves. Meanwhile, Yellow's financial struggles highlight the challenges faced by some industry players.
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