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EVO Transportation acquires Springfield mail contracting firm

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Springfield-based Thunder Ridge Transport Inc. sold to EVO Transportation & Energy Services, an alternative fuel services company and transportation operator.

The acquisition of Thunder Ridge, a U.S. Postal Service contractor that handles 13 USPS contracts across nine states, is part of a corporate transition for EVO Transportation to build a national fleet of haulers, according to a June 7 news release.

John Yeros, CEO of Peoria, Arizona-based EVO, said in the release the company is leveraging its footprint of compressed natural gas stations and relationships with owner-operators to become a larger player in the transportation market. EVO currently operates five CNG refueling stations in the United States that accommodate trucks and trailers.
 
“We have identified several strategic acquisition targets and have an active M&A pipeline,” Yeros said in the release. “Our goal is to create a significant and strategically well-positioned national organization which meets the evolving needs of the USPS, enabling us to capture substantial market share in this industry.”

Thunder Ridge Transport operates 120 trucks with over 190 employees. It has USPS contracts ranging from long-haul distribution to regional operations. The company is expected to generate more than $20 million in revenue for 2018, according to the release.

Yeros said in the release that Trey Peck, current president and CEO of Thunder Ridge, will assume the role of executive vice president of business development for EVO.

Under the terms of the transaction, EVO issued a seller note to Peck and assumed certain liabilities and debt held by Thunder Ridge, according to the release. In addition, EVO will issue common stock and options to Thunder Ridge. Yeros did not respond by deadline for additional financial details of the acquisition.

“As a family-owned and operated business that has grown over the last 20 years to be one of the 25 largest U.S. mail contractors, we have benefited from the increased demand for USPS’ services and have evolved our business to support the ecosystem we service,” Peck said in the release.

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