READING, Pa., November 30, 2020 – Penske Logistics today announced it has reached an agreement to acquire Chicago-based trucking company Black Horse Carriers, Inc. Financial terms were not disclosed.

"The Penske organization has had a longstanding and valued relationship with Black Horse Carriers for many years," said Marc Althen, president, Penske Logistics. "This acquisition will be complementary to our existing portfolio of customers and industries within our dedicated contract carriage business. We look forward to working with the Black Horse Carriers team on this acquisition and the integration of our operations."

This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction on December 31, 2020.

"We're very excited about joining the Penske organization," said Ken Landego, CEO of Black Horse Carriers, Inc. "The synergies created by the combination of both companies will benefit our customers from a service-level standpoint and elevate our technology capabilities. We look forward to this new journey together."

Founded in 1925, Black Horse Carriers is a privately held trucking company that provides services to the food and grocery, retail, bakery, dairy, CPG, manufacturing, and automotive industries. The company currently employs more than 4,000 people, operates a trucking fleet of more than 2,000 vehicles, and services customers from more than 90 terminals across the United States.

Penske Logistics is a Penske Transportation Solutions company with operations in North America, South America, Europe and Asia. Penske Logistics provides supply chain management and logistics services to leading companies around the world. Penske Logistics delivers value through its design, planning and execution in transportation, warehousing and freight management. Visit www.penskelogistics.com to learn more.