The acquisitions were made outside of the ongoing auction process for Yellow’s remaining assets, which was once the third-largest player in the LTL sector before its collapse in 2023. Knight-Swift has invested $9.9 million to acquire facilities in Downey, Santa Maria, and San Diego, California, as well as Roanoke, Virginia. Meanwhile, A. Duie Pyle purchased terminals in Bowling Green, Ohio, and Charleston, West Virginia, for $4.5 million. TFI International acquired a terminal in Fayetteville, North Carolina, for $700,000. Approval for these transactions was sought on February 11.

In total, 47 owned terminals and 65 leased properties, boasting over 3,100 and 4,000 doors respectively, were expected to be included in the third auction of Yellow’s assets. Knight-Swift, Pyle, and TFI are now joined by Estes Express Lines, R+L Carriers, and Central Transport International in acquiring these critical assets ahead of others.

In December, Estes and Ramar Land Corp. successfully purchased 12 terminals for a combined $192.5 million. Estes will pay $142.5 million for seven owned terminals and four leased properties, which collectively feature 939 doors. This acquisition has elevated Estes to fourth place on Transport Topics’ 2024 list of the largest LTL carriers, while it ranks eleventh among the top for-hire carriers in North America.

Ramar Land Corp. is investing $50 million for a single owned terminal in Maybrook, New York, which is notable for its size at 304 doors and 51.2 acres. This facility was the second-largest owned property available. Ramar has also agreed to purchase another former Yellow terminal in Jackson, Mississippi, for $12 million.

Central Transport, based in Warren, Michigan, has acquired three terminals for $54.5 million and ranks thirty-fifth among the for-hire carriers and tenth in the LTL category.

Given the competitive nature of the LTL sector, terminal ownership is critical for operational success. The acquisition of these terminals is seen as a strategic move for carriers looking to strengthen their positions ahead of a potential rebound in the freight market.

In the first auction of Yellow’s assets at the end of 2023, Knight-Swift purchased 13 terminals for $51.3 million. The company’s LTL division reported a 20.2% increase in revenue year-over-year, reaching $278.9 million in Q4 2024, up from $232.1 million the previous year. Shipments per day also grew by 13.3%. Additionally, Knight-Swift expanded its LTL capabilities by acquiring California-based Dependable Highway Express in July 2024.

Pyle is set to open four new LTL terminals in the first quarter of 2024, all acquired from Yellow’s administrators, located in Camp Hill and Erie, Pennsylvania, Bridgeport, West Virginia, and Rochester, New York. Pyle’s Chief Operating Officer, John Luciani, highlighted the value of the Camp Hill terminal, noting it was an opportunity too good to pass up.

TFI International’s purchase of the North Carolina terminal aligns with its broader expansion strategy, which has been in motion since acquiring TForce Freight from UPS in 2021 for $800 million. TFI ranked eighth among the top LTL carriers and has made additional acquisitions in the sector, including two LTL-focused companies in 2024.

The previous auctions of Yellow’s assets have generated significant revenue, totaling $1.88 billion and $82.89 million through the sales of 128 and 23 terminals, respectively. As the market continues to evolve, these acquisitions underscore the ongoing consolidation in the LTL industry.