BANNOCKBURN, IL-Pace American recently announced that it has officially completed its acquisition of Bristol, IN-based J&L Cargo Express.
"With this acquisition, we are continuing to further our ongoing strategy to strengthen and grow Pace American's industry-leading market share position," Pace American CEO Mitchell Bender said. "Like our other brands, Cargo Express has long been recognized for its superior product quality, comprehensive selection and exemplary customer service, so, needless to say, we're very pleased to welcome them to our family."
In addition to retaining its own independent brand identity, Cargo Express' existing dealer network and staff will remain unchanged. The brand will also continue to be managed by Cargo Express President and General Manager Lyle Miller to ensure a smooth, uninterrupted flow of product to the marketplace.
According to Miller, Pace American truly represented the best fit for Cargo Express. "Having watched my company grow over the past 15 years, it was personally important to both me and my family that we sold it to a purchaser that shared our values," he said. "We've respected Pace American as our largest competitor from the beginning and I am proud to know that they will carry on the quality and integrity that have been the foundation of Cargo Express' success."
Pace American President Jack Cordan ultimately pointed out the underlying significance of this deal when he said, "Although our nation is preoccupied with the current economic conditions, Pace American is in a stronger financial position than ever. We've steadily built this company, which is privately owned, over the past two decades and have now completed our first acquisition. To me, this speaks volumes about our level of confidence in our products, people and business plan for the future."