Dry van carrier adds to fleet

June 15, 2022

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P.A.M. Transportation Services Inc. is adding nearly 320 trucks to its operations. On June 15, the Tonitown, Ark.-based truckload dry van carrier announced the acquisition of substantially all the assets of New York.-based Metropolitan Trucking Inc.

Following the acquisition, the company will now control Metropolitan Trucking’s approximately 320 dry van truck fleet, with primary operating and maintenance facilities in Bloomsburg, Pa. The move marks the first acquisition for the company in nearly 20 years. Joe Vitiritto, President of P.A.M., said the move to acquire the experienced carrier made sense for his company.

“Metropolitan has been operating for almost 90 years as a successful family-run business. They have a very experienced group of drivers, long standing customer relationships and a culture that is very complimentary to our existing businesses,” Vitiritto said in a statement. “As we looked to do our first acquisition in quite some time, Metropolitan checked all the boxes on what we were looking for in a company.”

According to the news release, the existing management team of Metropolitan Trucking is expected to remain in place and will continue operating the business from their existing locations. P.A.M. also stated that current, “driving associates, nondriving associates, and customers should notice little change following the transaction.”

“We plan to run it as a separate business,” Vitiritto said, “which will allow the experienced management team, drivers and employees to continue to provide the same high level of service and attention that their customers have come to expect. It also allows us to keep the culture intact for their drivers and employees.”

While little change is expected in terms of employment, there is one departure of note. Joe Mangino, CEO Metropolitan Trucking, will be retiring. He said it was the company’s commitment to the current Metro employees that made them the right fit.

“P.A.M. truly cared about our drivers and other employees, and their resources will provide more opportunity for our people and more capacity for our customers,” Mangino said.

According to financial data from the news release, Metropolitan Trucking generated approximately $83.3 million in total revenue and $13.5 million in operating income for the last twelve months, ending March 31, 2022. Mangino said the acquisition will help to secure the future for his now former company.

“For 90 years Metro has provided superior service for customers, a great home for our employees, and a source of pride for my family,” he said. “To ensure our future was secured for the long term, my goal was to find a partner with similar values, strong financial performance, and a desire to invest for growth.”

According to the news release, the purchase price at closing included approximately $15.5 million in assumed debt and $64.3 million paid using available cash balances.

Metropolitan Trucking was founded in 1930 by Nicolas Mangino, according to the company’s website.

P.A.M. Transportation Services Inc. is a truckload dry van carrier transporting general commodities throughout the continental United States and in the Canadian provinces of Ontario and Quebec. The company also provides transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers. It was founded in 1980 and its stock is traded on the NASDAQ stock exchange. LL