Another large trucking company files bankruptcy, 339 trucks impacted
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In a November 2018 article, private equity firm KJM was described as being “unlike the others” and “having daily involvement in the support functions of the business, allowing the company to implement growth initiatives and improve the customer experience.”
Unfortunately, for the 450 employees and stakeholders of Cold Carriers, a truckload roll-up assembled from four of KJMs acquisitions, the PE firm was not successful in running an asset-based truckload portfolio and filed Chapter 11 bankruptcy on Friday.
Cold Carriers was formed when KJM consolidated it’s acquisitions of Gantt Trucking, Sunco Trucking, Blue Sky Trucking, and Interide Transport, into a single operating parent. The company had 339 trucks, according to FMCSA data.
Cold Carriers filled Chapter 11on Friday, which will allow it to continue to operate.
In our opinion, Cold Carriers is another victim of the trucking industry recession in 2019.
In 2019, at least 3,085 drivers have lost their jobs when the trucking company they were working for shut-down. According to Fuller and his article in the freightwaves.com
Source and credits: freightwaves.com / / iTrucker / Mario Pawlowski
