In The News
ArcBest sees billions of dollars in opportunities with MoLo acquisition
Asset-based unit is poised for another strong quarter
ArcBest (NASDAQ: ARCB) took a big step toward bridging the gap to a long-term goal Wednesday with the acquisition of Chicago-based truckload broker MoLo Solutions. The deal advances a key initiative for the Fort Smith, Arkansas-based logistics and less-than-truckload provider — to grow its asset-light operations to a level equal to its asset-based trucking unit.
MoLo’s $600 million in expected revenue for 2021 pushes ArcBest’s consolidated annual top line to $4.1 billion, with asset-light revenue now accounting for 44% of total revenue.
The remaining gap could be closed in short order as MoLo has been one of the fastest-growing privately held companies in transportation and logistics. Since its 2017 start when it generated just a few million in bookings, the company closed 2020 with $274 million in revenue. The broker will likely ride a hot freight market to a level more than double that this year.