GridKor Set to Acquire Chicago-Based 100 Semi-Truck Company, Bringing in $50M in Annual Revenue

Pittsburgh, Pennsylvania--(Newsfile Corp. - February 9, 2023) - GridKor has made headway in the company's second acquisition in the past 3 months.

On January 11th, a purchase and sale agreement was executed with the intent for GridKor Trucking & Logistics to acquire another company based in Chicago, Illinois.

This company consists of 100 active semi-trucks, routes, and drivers. This contract, which will transfer ownership over to GridKor Trucking & Logistics, is set to be finalized by the end of February.

Specific details of the acquisition's purchase price or contract structure won't be released at this time. However, it is noted that this acquisition will yield GridKor Inc. another $50 million in annual revenue, totaling $70 million between their first two acquisitions in the trucking and logistics industry.

Josh Cohen, Founder of Controlled Capital based out of New York, has been appointed to the Company's Board of Directors and manages the company's financing campaigns. Prior to this transaction, Controlled Capital approved GridKor Inc. for $250 million in debt financing through America's oldest, largest private bank.

This transaction is slated to close ahead of Gridkor's initial public offering (IPO), which will be led by Cohen and the team at Controlled, who has seen success in the public markets amongst a turbulent economy.

"Gridkor's first trucking & logistics acquisition back in December was a crucial stepping stone for the company. It always feels good to get the first one under your belt. We are full steam ahead to continue towards our goal of acquiring 1,000 trucks in the next three years. This Chicago-based company is perfect fit into the Gridkor portfolio."

-Michael Bryant, President of GridKor

To stay up to date on all news GridKor-related, be sure to follow Gridkor and Controlled Capital on LinkedIn, Instagram, Twitter, and Facebook.

For more information, visit www.controlledcap.com. With media inquiries, please contact Public & Investor Relations, Controlled Development Partners: (917) 584-7042 or info@controlleddev.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154105