Private equity firm Eberhart Capital, LLC acquires Sioux Falls, SD based cold chain logistics company TBI, Inc. With Minneapolis, MN- based Twin Express, the firm continues a rapid expansion in the nationwide refrigerated trucking space.
FOR IMMEDIATE RELEASE / PRURGENT
Scottsdale, AZ, April 30, 2019 – Eberhart Capital’s trucking company Twin Express, Inc., is pleased to announce the recent purchase of TBI, Inc., a nationwide trucking operation based in Sioux Falls, South Dakota. TBI, Inc. is the fourth acquisition in the space by Twin Express and its parent company, Eberhart Capital, LLC. The purchase adds to their extensive portfolio of asset-based temperature-controlled logistics firms. The two companies are expected to invest in new technology and equipment which is increasingly critical for operations.
Eberhart Capital, LLC specializes in long-term investments in industrial spaces such as oilfield services, logistics, construction, and manufacturing. The private equity group has a strong presence throughout the US with investment offices in Scottsdale, Denver, and Los Angeles and operating companies with over 30 locations through the United States. The acquisition of TBI, Inc. marks the company’s first venture in South Dakota. The combined company will run 15 million miles of freight a year.
Twin Express provides refrigerated and dry van truckload contract carriage, power-only transport. With the acquisition Twin, expects to upgrade portions of the TBI fleet and continue to grow their geographic reach and customer base. Dan K. Eberhart, managing director of Eberhart Capital, LLC, said the acquisition would help Twin provide transportation services to a rapidly expanding nationwide customer list, primarily in industries such as meat packing, processed food and paper goods. Twin was founded in 1988.
“I’m excited about TBI’s footprint and being able to provide more services to all of our customers. The addition of TBI will also help us address capacity issues which continue to be a challenge, not just for Twin Express, but the transportation industry as a whole,” Eberhart said.
TBI, Inc. was founded by brothers Eugene and Darrell Thompson in 1958. The company, which was originally named Thompson Bros., started out as a small hay merchandising trucking company. In 1975, Eugene’s son Randy took over as company president and helped expand the company into a nationwide trucking operation.
Randy Thompson echoed Eberhart’s enthusiasm and excitement about the acquisition.
“I’m honored to bring TBI’s expertise and our rich history to join Twin Express,” he said. “The depth and breadth of the supply chain provide the chance to quickly offer additional services as we as move forward as a team.”