Just weeks after launching itself as a company, AAGEX Freight group has acquired two other companies.
AAGEX will act as the holding company to AGX Freight Carriers and AGX Freight Logistics, formerly Apex Carriers and Apex Transportation Solutions out of Rome, Georgia.
Mike Williams, CEO of AAGEX and former CEO of Sunteck, said that acquiring companies early on was always part of his plan to quickly grow his company. It’s now gone from less than 10 employees to 100, including 85 truck drivers.
“Acquisitions are a great way to jumpstart the business,” Williams said. “We made two relatively small but meaningful acquisitions.”
The company’s back office and administrative staff roles will be centralized in Jacksonville, while the drivers and equipment will stay in near where most of the freight is in Rome, just 50 miles outside Atlanta.
These acquisition will be the trucking company and broker company entities that AAGEX’s agents will represent.
“Agents will work with owner-operators leased onto our trucking motor carrier group,” Williams said. “On the broker side, agents will have broker authority under AGX freight logistics to offer those services.”
Williams declined to disclose deal terms, but said that the companies acquired had a combined annual revenue between $10 million and $15 million. Some executives will stay on with the company, while the owner will help during the transition phase.
Williams said that the acquisitions were key in order to have what was needed to support his business model right away.
“It was a critical step to instantly have the back end stuff in place to support our agent network,” he said.