ADDISON, Texas – Daseke Inc., the leading consolidator and largest flatbed and specialized transportation company in North America, announced Monday it has added three top-tier flatbed and specialized carriers to its family of companies.
The three carriers are Tennessee Steel Haulers & Co. (TSH & Co.), The Roadmaster Group and Moore Freight Service.
Daseke president and CEO Don Daseke called the additions a “significant milestone” that raises the company’s fleet size; total revenue; and earnings before interest, taxes, depreciation, and amortization (EBITDA).
“We’ve added three exceptional organizations to our family of operating companies focused on unique sectors with promising growth characteristics,” Daseke said. “We are very proud to be consistent in our flatbed and specialized focus, while adhering to our conservative risk management philosophy, to achieve the growth goals that we presented to the market when we became a public company this past February.”
Daseke is now on track in 2017 to have $143 million in pro forma EBITDA and $1.2 billion pro forma in revenue. This represents a compound annual growth rate of 48 percent in pro forma adjusted EBITDA and 59 percent in pro forma adjusted revenue since the company’s first year of operations, 2009, when EBITDA was $6 million and revenue was $30 million.
Daseke is the nation’s largest flatbed and specialized transportation company, though it has only a 1-percent share of the market.
“With the addition of TSH & Co., Daseke immediately becomes more asset-light in its fleet mix, Daseke said. “With the combined owner-operators at TSH & Co., The Roadmaster Group and Moore Freight Service, my estimate is that our asset-light mix run rate will be well-balanced at an estimated 50 percent by December 31, 2017. Those percentages exemplify our long-term strategic goal of managing a lower capital expenditure intensive, asset-right fleet mix.”
With the addition of The Roadmaster Group, an elite high-security cargo carrier, Daseke’s position is further bolstered in an important niche market with limited carriers. The Roadmaster Group is the parent company for Tri-State, the longest-tenured high-security cargo hauler in the country, founded in the 1930s.
Earlier this year, another high-security carrier, R&R, joined Daseke. “Our footprint in this end market has now grown even stronger with the addition of The Roadmaster Group,” Daseke said. “With two of the largest high-security cargo carriers now on the same team, we will become a force in the high-security and arms, ammunition and explosives cargo market.”
Moore Freight Service is one of only three primary carriers in a specialized niche, hauling sheets of commercial glass as large as 17 by 10 feet and more than one inch thick, using customized trailers.
“It is very difficult to build scale quickly in the commercial glass niche,” Daseke said. I applaud Moore’s CEO, Dan Moore, and his team, who have made a name for themselves as a premier carrier.”
Based in Nashville, Tennessee, and led by brothers and co-CEOs, Craig and Gregg Stanley and their brother-in-law, Michael Sheehan, chief business development officer, Tennessee Steel Haulers & Co. conducts business through a 100-percent asset-light operating model with operations throughout the East Coast, Southeast and a strong presence in Mexico.
“that model has allowed us to grow at the right pace,” said Gregg Stanley. “We’re dedicated to the success of our independent contractors, and we offer a very popular tractor and trailer lease-to-own program.
“The way Daseke does business convinced our family that a merger was the right move for our future growth,” Stanley said. “We were also quite impressed with all the other companies in the Daseke family which are very high quality and high integrity operations.”