A Tuesday filing with a federal bankruptcy court in Delaware showed Knight-Swift Transportation, A. Duie Pyle and TForce Properties have entered purchase agreements totaling $15.1 million to acquire seven of defunct Yellow Corp.’s terminals.
Phoenix-based Knight-Swift (NYSE: KNX) is acquiring three terminals in Southern California – Downey (71 doors), San Diego (49 doors) and Santa Maria (16 doors) – and one property in Roanoke, Virginia, (34 doors) for $9.9 million.
The four properties are currently under leases.
Knight-Swift has acquired 29 terminals for $63.9 million from Yellow since the auctions began at the end of 2023, according to court filings.
The nation’s largest truckload carrier entered the less-than-truckload business in 2021 with the $1.35 billion acquisition of AAA Cooper. It has since built out what will become a national LTL network through other acquisitions and organic additions. It added 51 terminals last year, including 14 through the acquisition of Dependable Highway Express. The 2024 additions increased its LTL door count by more than 30%.
The company’s current LTL network generates more than $1 billion in annual revenue.
West Chester, Pennsylvania-based A. Duie Pyle is buying two terminals for a total of $4.5 million – one owned location in Bowling Green, Ohio, with 80 doors, and a leased Charleston, West Virginia, property with 30 doors.
A. Duie Pyle acquired four terminals totaling $29.4 million at Yellow’s first auction.
TForce, the LTL division of Montreal-based TFI International (NYSE: TFII), is acquiring one owned location – a 17-door terminal in Fayetteville, North Carolina – for $700,000.
TFI wants to rapidly grow its LTL network ahead of an eventual spinoff. The company previously said it is eyeing a $4 billion to $5 billion acquisition in the U.S. LTL market this year in hopes of upping its combined market cap to roughly $20 billion, a level it believes is needed for a successful breakup.
Yellow’s remaining real estate portfolio includes approximately 35 owned and 50 leased terminals. Other locations have been sold through one-off transactions this year, but the bulk of the remaining locations are expected to go to auction at the end of the month.
Yellow’s estate has sold nearly 200 terminals for more than $2.2 billion since the liquidation began. Proceeds from the sales will go toward settling creditor claims, including any amounts due from failing to properly notify employees ahead of mass layoffs and withdrawal liability claims from pension funds.
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