Transportation Acquisitions in Indiana
Indiana Transportation Deal Themes
Indiana transportation acquisitions span trucking, logistics, and related mobility services—alongside adjacent transportation-linked categories like maritime shipping and regional aviation. Across recent transactions (2019–2025), deal activity often centers on expanding service coverage, adding industry-specific capabilities, and growing platforms through add-ons.
A recurring pattern is how buyers use Indiana-based targets to strengthen networks and operational reach. Examples include fleet and maintenance expansion (e.g., FleetPride acquiring Frame Service) and logistics and brokerage capability expansion (e.g., Huron Capital Partners and Direct Connect Logistix combining with Hoosier Logistics).
What Stands Out
- Platform and add-on growth: Multiple buyers expand their operating footprint in Indiana through acquisitions that add capacity, customers, or services.
- Logistics & freight services focus: Deals include 3PL and brokerage themes, including temperature-controlled and time-sensitive freight.
- Technology-enabled recruiting and operations: Tenstreet acquired DriverReach to integrate recruiting and compliance capabilities into its trucking marketplace platform.
- Transportation-adjacent capabilities: USIC is set to acquire a gas locating division from Heath Consultants, integrating services via its Locate360 platform.
- Modal diversity in Indiana: The state shows activity across trucking, courier services, maritime transportation, RV tour transportation, and a regional airline merger involving Indiana.
-
November 25, 2025
- Buyer
- Republic Airways Holdings Inc.
- Target
- Mesa Air Group, Inc., Republic Airways Holdings Inc.
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
Republic Airways Holdings Inc. and Mesa Air Group, Inc. completed their all-stock merger, forming a leading publicly traded regional airline. The combined company will operate under the Republic name, trade on NASDAQ under ticker RJET, with Republic stockholders owning ~88% and Mesa stockholders owning at least 6% (up to 12% depending on pre-closing criteria).
-
July 15, 2025
- Buyer
- USIC
- Target
- Heath Consultants’ Gas Locating Division (public gas locating division), Heath Consultants’ Locate Services Division (811 Locate Services Division)
- Seller
- Heath Consultants
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Divestiture
USIC has signed a definitive agreement to acquire substantially all of the public gas locating division of Heath Consultants. The deal is expected to enhance USIC’s gas locating service offerings and capabilities, including integration via USIC’s Locate360 digital platform. The transaction is expected to close by Q3 2025, subject to customary closing conditions.
-
March 31, 2025
- Buyer
- Tenstreet
- Target
- DriverReach
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
Tenstreet, the trucking industry's marketplace platform, has acquired DriverReach, a driver recruitment and compliance management software company. The acquisition will combine both companies' driver and carrier audiences and integrate DriverReach's recruiting and compliance capabilities into Tenstreet's platform to scale its network and improve usability for carriers and private fleets.
-
- Buyer
- Celebrity Coaches, Allied Industrial Partners
- Target
- BandWagon RV Rentals
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Addon
Allied Industrial Partners-backed Celebrity Coaches has acquired BandWagon RV Rentals, an RV provider specializing in mid-level tour transportation, for undisclosed terms. The add-on expands Celebrity's fleet to over 120 vehicles, with BandWagon's management (including Founder Marvin Clarke and President Jeremy Clarke) remaining with the integrated company and marks Celebrity's third add-on since Allied's investment in early 2024.
-
December 10, 2024
- Buyer
- Priority Courier Experts, Trident, Bluejay Capital
- Target
- NOW Courier
- Seller
- Schwalbach family (owners of NOW Courier)
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Addon
Priority Courier Experts (a portfolio company of Trident and Bluejay Capital) has acquired NOW Courier, a 38-year-old Indianapolis-based same-day courier and expedited delivery provider. The transaction is an add-on to expand PCE's geographic footprint and service capabilities across Indiana and adjacent markets.
-
December 11, 2023
- Buyer
- AmeriGuard Security Services, Inc.
- Target
- TransportUS, Inc.
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
AmeriGuard Security Services, Inc. (OTCQX: AGSS) announced the acquisition of TransportUS, Inc. in an all-stock transaction to expand the company's service portfolio into transportation. The deal is intended to combine TransportUS's transportation infrastructure with AmeriGuard's security capabilities to offer integrated solutions and drive topline growth.
-
- Buyer
- Cadence Petroleum Group, Wellspring Capital Management, LLC
- Target
- Hoosier Penn Oil, Inc.
- Seller
- Brian Johnson
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Addon
Cadence Petroleum Group, a Wellspring Capital Management-backed distributor, has acquired Hoosier Penn Oil, Inc., an Indianapolis-based distributor of motor oil, lubricants, and car care chemicals. Periculum Capital advised HP Oil on the sale as Cadence seeks to increase the density of its Indiana footprint; HP Oil will continue to operate under its current name while leveraging Cadence's broader product and service offerings.
-
- Buyer
- OnLine Transport Inc.
- Target
- A/T Transportation, Automated Logistics, Inc.
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Addon
OnLine Transport Inc., a national asset-based carrier headquartered in Greenfield, Indiana, acquired A/T Transportation and Automated Logistics, Inc. of Ferdinand, Indiana, effective August 11, 2023. The deal is an add-on to OnLine’s expanding platform—its sixth acquisition since 2019—adding truckload capacity, warehousing and brokerage capabilities and new shipper relationships.
-
May 2, 2023
- Buyer
- FleetPride, Inc.
- Target
- Frame Service, Inc.
- Seller
- Barry Ernst (owner)
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Addon
FleetPride, Inc. has acquired the assets of Frame Service, Inc., a long-running truck and trailer maintenance and repair shop in Fort Wayne, Indiana. The acquisition expands FleetPride's service footprint and capabilities in the Indiana market and brings the Frame Service team and operations into FleetPride's national network.
-
May 1, 2023
- Buyer
- Patrick Industries, Inc.
- Target
- BTI Transport
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
Patrick Industries, Inc. (NASDAQ: PATK) has completed the acquisition of Elkhart, Indiana–based BTI Transport, a marine transportation provider. BTI will operate as Patrick Marine Transport, expanding Patrick's transportation and logistics capabilities for OEMs and dealers in the leisure lifestyle markets.
-
December 1, 2022
- Buyer
- The Stephens Group, LLC
- Target
- Princeton TMX, LLC
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
The Stephens Group, a private investment firm, has completed a strategic acquisition of Fort Wayne-based Princeton TMX to accelerate the growth and product development of its cloud-based transportation management system for industrial shippers. Princeton TMX will leverage The Stephens Group’s capital and operational support to expand capabilities and scale commercial efforts serving customers across agriculture, packaging, steel, lumber, aggregates, food & beverage and chemicals.
-
- Buyer
- Huron Capital Partners, Direct Connect Logistix (DCL)
- Target
- Hoosier Logistics
- Seller
- Tipton Holding Group
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Addon
Huron Capital Partners acquired Tipton Holding Group, parent of Indianapolis-based Hoosier Logistics, and will merge Hoosier with its 3PL platform Direct Connect Logistix (DCL) as an add-on. The deal expands DCL's national footprint and deepens its temperature-controlled and time-sensitive freight brokerage capabilities for food and beverage customers.
-
September 28, 2021
- Buyer
- Brightstar Capital Partners
- Target
- XLerate Group
- Seller
- Huron Capital
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
Brightstar Capital Partners acquired a majority stake in XLerate Group from Huron Capital, with XLerate's senior management and Huron Capital retaining minority equity. XLerate, based in Carmel, Indiana, operates fixed-site, mobile and digital used-vehicle auctions across a multi-state footprint and will pursue further growth and technology investment under Brightstar's ownership.
-
December 22, 2020
- Buyer
- Calera Capital
- Target
- FitzMark, LLC
- Seller
- Scott Fitzgerald (Founder & CEO)
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Recapitalization
Calera Capital completed a majority recapitalization of FitzMark, LLC, partnering with founder and CEO Scott Fitzgerald to support the company's growth. FitzMark, a Indianapolis-headquartered third-party logistics firm serving truckload, flatbed, refrigerated and LTL markets, will leverage the partnership to pursue organic growth and targeted acquisitions; terms were not disclosed.
-
September 14, 2020
- Buyer
- Barnhart Crane & Rigging
- Target
- Days Machinery Movers
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
Barnhart Crane & Rigging has acquired Days Machinery Movers of Elkhart, Indiana in a strategic acquisition sourced by Calder Capital. The deal expands Barnhart’s heavy-transport and rigging footprint in the U.S. Midwest and brings a long-established regional machinery-moving operator into Barnhart’s national network.
-
May 12, 2020
- Buyer
- H19 Capital, LLC, Hilco Global, Colbeck Capital Management
- Target
- 19th Capital Group
- Seller
- 19th Capital Group
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Divestiture
H19 Capital, LLC — a joint venture between Hilco Global and Colbeck Capital Management — acquired substantially all of the assets of 19th Capital Group in a multi‑million dollar asset purchase that closed May 1, 2020. The transaction transfers thousands of trucks and trailers, service equipment, intellectual property and a portfolio of receivables (including over 600 leases) to the buyer as Hilco-led teams restructure and operate the business as a going concern in Indianapolis, preserving jobs and positioning the operation for post‑pandemic recovery.
-
February 27, 2020
- Buyer
- WHC INDY, LLC (dba zTrip), WHC Worldwide
- Target
- Indianapolis Yellow Cab
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Buyout
WHC INDY, LLC dba zTrip has acquired the assets of Indianapolis Yellow Cab and launched service in Indianapolis with an initial fleet of 60 new silver sedans. The acquisition brings zTrip's model — combining e-hailing features with regulated taxi safety — to the Indianapolis market as part of the company's broader expansion across U.S. cities.
-
August 8, 2019
- Buyer
- Foundation Investment Partners
- Target
- W.A. Jones
- Industry
- Transportation
- Location
- Indiana, United States
- Type
- Recapitalization
Foundation Investment Partners (FIP), a Cleveland-area private equity firm, recapitalized W.A. Jones, a truck equipment distributor and upfitter based in Whitley County, Indiana. The deal provides owner liquidity and growth capital to support systems, people and expansion; terms were not disclosed.
Track M&A activity that matters to you
Get real-time deal alerts, build buyer lists with AI, and access our full acquisition database. Start your free trial today.
Frequently Asked Questions
What types of transportation deals are most common in Indiana?
Many acquisitions focus on expanding logistics, brokerage, fleet services, or platform capabilities through add-ons—often to broaden geographic coverage or service offerings.
Do these Indiana transportation acquisitions include more than trucking and logistics?
Yes. The list includes transportation themes beyond trucking and logistics, such as courier delivery, RV rentals, maritime transportation, and a merger to form a combined regional airline.
What is an example of an add-on strategy in these deals?
Priority Courier Experts acquiring NOW Courier is framed as an add-on to expand geographic footprint and service capabilities across Indiana and adjacent markets.
Is there evidence of technology playing a role in Indiana transportation acquisitions?
Yes. Tenstreet acquired DriverReach to combine driver and carrier audiences and integrate recruiting and compliance software capabilities into its marketplace platform. USIC also highlights integration with its Locate360 digital platform in its planned acquisition.