Indianapolis-based third-party logistics provider FitzMark Inc. has acquired fast-growing local competitor Reliable Source Logistics, the company announced Monday.
Terms of the acquisition, which closed Jan. 2, were not disclosed.
Reliable Source, founded in April 2016, had nearly $50 million in revenue in 2018—more than a 40 percent increase over the previous year.
Fitzmark, established in 2006, has nearly 80 employees and brought in $95 million in revenue in 2018. It was the area's 19th largest logistics company in terms of employment prior to the merger, according to IBJ research.
The combined company has about 130 employees and annual revenue of about $145 million.
“I’m beyond excited to take this next step alongside the hardworking professionals from Reliable Source,” FitzMark owner and President Scott Fitzgerald said in a written statement. “In a short amount of time, Reliable Source has proven itself a key player in the industry by consistently providing high-quality service through 24/7 availability and a strong network of reliable carriers.”
Both companies are freight brokers—they match qualified motor carriers with customers who have things to ship.
FitzMark also has more than 400,000 of warehouse space in four locations: Indianapolis, Los Angeles, Atlanta and Chicago.
“Our combined network of carriers will be better able to satisfy our customers’ needs,” said FitzMark spokeswoman Taylor Williams. “What we’re getting is definitely an expanded network of trusted and insured carriers that we’re sure are going to be able to get the job done.”
The combined company is doing business under the FitzMark name. Reliable Source’s employees have moved from their former office at 475 E. Market St. to FitzMark’s headquarters at 950 Dorman Street on the city’s near-east side.
No employees lost their jobs in the acquisition, Williams said, in part because Reliable Source did not have any in-house IT, human resources or marketing personnel.
“We’re confident our clients and partners will find this acquisition beneficial through an increase in quality service and capacity,” Reliable Source founder Seth Litt said written comments.