Logistics Firm Mode Reaches Agreement in $2.3 Billion Merger With SunteckTTS

 Sunteck Transport Group

Dallas-based Mode Transportation and SunteckTTS Inc. have reached an agreement to merge the two transportation and logistics companies under the Mode branding, generating more than $2 billion in annual revenue, according to a release.

The two companies believe the merger will allow it to leverage even larger scale and resources to serve the shipping and logistics market. Mode Transportation’s services will include freight services across trucking, rail, air and sea. The company anticipates it will see more than 1.5 million annual customer shipments.

“We are very excited to announce this transaction with SunteckTTS. Our two companies are built on a similar culture of outstanding customer service,” Mode CEO Jim Damman said in a statement, “The addition of SunteckTTS’ robust agent, product and customer base further strengthens Mode’s broad diversity of service offerings, while continuing to position Mode as a premium provider of technology-driven logistics.”

Once the merger is complete, Damman will become the chief executive of the new company and its operations will remain based in Dallas. SunteckTTS CEO Ken Forster will become president and chief operating officer of the new company.

Mode recently announced it was moving headquarters in Dallas to a new facility that would nearly double its space. The logistics firm recorded $600 million in revenue before it was acquired by an affiliate of York Capital Management in 2018 in a deal valued at $238.5 million.

Mode ranks No. 12 and SunteckTTS No. 10 on the Transport Topics list of Top Freight Brokerage Firms.