Challenger Motor Freight (CMF) is a supply chain company that operates trucks and trailers. The fleet transports goods between Canada and anywhere in North America or internationally with a full range of transportation, logistics, warehousing, and distribution services. The firm was founded in 1975 and is headquartered in Cambridge, Ontario, Canada.
Fastfrate Group’s acquisition of Challenger expands its cross-border challenger freight truckload capacity by nearly 40% and also boosts its presence in the U.S., CEO Manny Calandrino said. The move, which is effective immediately, will “put us in the States in a big way,” he added. Challenger generates 65% to 70% of its revenue from cross-border truckload service, he noted. The firm also has a large domestic LTL network.
The acquisition also makes the company one of the largest privately owned transportation and logistics companies in Canada, according to Calandrino. He noted that CMF is well-positioned to grow its business and increase its profitability, particularly as demand for cross-border service in Canada continues to rise. Challenger’s management team will remain in place, including chairman Dan Einwechter, who will join the Fastfrate board of directors. Both companies have a rich history of innovation and growth, Calandrino said. “With similar histories of entrepreneurship and growth, this is as much an acquisition as it is a partnership of like minds,” he said.
Aside from its excellent safety record, Challenger stands out for its driver-centric culture. The company employs a staff of over 2,000 people and offers flexible work options, fostering a culture that values development for the entire workforce. In addition to providing a comprehensive benefits package, Challenger also supports its employees’ personal and professional growth through an extensive training program. The company’s commitment to corporate responsibility and environmental stewardship is reflected in its partnership with SmartWay, a voluntary program launched by the Environmental Protection Agency to foster fuel efficiency in freight supply chains.
Earlier this week, Challenger and Garner Trucking were named the nation’s best fleets to drive for by the Truckload Carriers Association (TCA) and CarriersEdge. The awards were given based on a survey and competition open to for-hire fleets with 10 or more trucks, regardless of TCA membership status. Fleets were judged on compensation, pension and benefit packages, professional development opportunities, driver and community support, and safety records.
In February, Challenger joined Kuebix Load Match to connect with shippers that want to buy spot rates in its coverage area. Through this process, the carrier was able to quickly identify and build long-term direct connections with shippers that were a good fit for its fleet capacity and capabilities.
Doresa Banning is a writer for Streetwise Reports LLC and specializes in the transportation industry. She or members of her household may own securities in the companies mentioned in this article, which is a paid subscription research newsletter. For more information, please visit www.streetwisereports.com/subscribe. Streetwise Reports does not provide investment advice or recommendations on the purchase of stocks or bonds.