In a federal bankruptcy filing on Tuesday, it was revealed that Knight-Swift Transportation, A. Duie Pyle, and TForce Properties have entered into purchase agreements totaling $15.1 million to acquire seven terminals from the defunct Yellow Corp.
Knight-Swift, based in Phoenix, is acquiring four properties for $9.9 million, which includes three terminals in Southern California—Downey (71 doors), San Diego (49 doors), and Santa Maria (16 doors)—as well as one property in Roanoke, Virginia, (34 doors). These properties are currently under leases.
Since the auctions began at the end of 2023, Knight-Swift has acquired a total of 29 terminals from Yellow for $63.9 million, as per court filings. The company, the nation’s largest truckload carrier, entered the less-than-truckload (LTL) business in 2021 with the $1.35 billion acquisition of AAA Cooper. Since then, Knight-Swift has expanded its LTL network through additional acquisitions and organic growth, including acquiring 51 terminals last year, boosting its LTL door count by more than 30%. Currently, Knight-Swift’s LTL network generates more than $1 billion in annual revenue.
A. Duie Pyle, based in West Chester, Pennsylvania, is acquiring two terminals for a total of $4.5 million. The purchase includes one owned location in Bowling Green, Ohio, with 80 doors, and a leased Charleston, West Virginia, property with 30 doors. This acquisition follows A. Duie Pyle’s purchase of four terminals for $29.4 million in Yellow’s first auction.
TForce, the LTL division of Montreal-based TFI International, is acquiring a 17-door terminal in Fayetteville, North Carolina, for $700,000. TFI International aims to grow its LTL network ahead of an eventual spinoff, with plans for a $4 billion to $5 billion acquisition in the U.S. LTL market this year. This growth is part of the company’s strategy to increase its market capitalization to around $20 billion, a level it believes is necessary for a successful breakup.
Yellow Corp.’s remaining real estate portfolio includes about 35 owned terminals and 50 leased terminals. Some properties have been sold through individual transactions this year, but the majority of the remaining locations are expected to be auctioned off at the end of the month. Since Yellow’s liquidation began, nearly 200 terminals have been sold for over $2.2 billion, with proceeds directed toward settling creditor claims, including those related to employee layoffs and pension fund liabilities.
