**Backer of LTL Startup Previously Pursued Acquisition of Part of Yellow**
Jack Cooper LTL is currently in discussions to acquire the less-than-truckload carrier Standard Forwarding, according to multiple sources familiar with the negotiations. Details about the new venture— an offshoot of Jack Cooper, a car hauler staffed by Teamsters—are limited, but several LinkedIn posts from LTL industry veterans indicate they have recently joined the company.
Standard Forwarding, based in East Moline, Illinois, is a regional union LTL carrier operating 14 terminals across Illinois, Iowa, Wisconsin, Indiana, and Minnesota. Established 90 years ago, the company boasts a fleet of 350 tractors and 800 trailers, as per its website. Standard Forwarding was acquired by DHL Freight in 2011, and currently has a collective bargaining agreement with the Teamsters union covering over 400 employees, which is set to expire on March 5.
Financial terms of the deal have not been disclosed, but this would mark Jack Cooper LTL’s first acquisition. A spokesperson for Jack Cooper expressed optimism about reaching an agreement with both the company and the union to preserve hundreds of jobs, noting that Jack Cooper has a history of successfully navigating similar situations.
In a memorandum issued on Thursday, Teamsters General President Sean O’Brien confirmed DHL’s intention to sell Standard Forwarding and stated that the company is expected to remain unionized. “DHL Freight has committed to finding a new employer for Standard Forwarding that will uphold and respect Teamsters protections at the company,” the update indicated.
Sarah Riggs Amico, the executive chairperson at Jack Cooper Investments, had previously made multiple bids to acquire the bankrupt LTL carrier Yellow Corp. (OTC: YELLQ) last year and earlier this year through a newly established entity, Next Century, Inc. One proposal garnered backing from the Teamsters and several senators who appealed to the U.S. Treasury to extend the maturity date of Yellow’s $700 million COVID-relief loan, which would have been part of the financing for Next Century. Ultimately, these bids were rejected by Yellow’s administrators, who opted to continue liquidating the company’s assets.
