From a November news story in the Memphis Biz Journal
Read this and it might answer some of your guys questions.
Veltex buys MultiModal Transportation
Veltex Corp. says it has bought Memphis-based MultiModal Transportation, Inc.
MultiModal provides transportation services throughout the continental United States, as well as warehousing at its Memphis facility.
The company expects to expand services throughout Mexico.
The affiliation with All Coast -- MultiModal is an agent of All Coast -- allows access to over 400 trucks.
MultiModal president and CEO Andrew Fridel says the company differentiates itself in the market by stressing on-time service and reliability. Sales are secured predominantly through direct solicitation, face to face contacts, and contract services.
Fridel says with the acquisition by Veltex, MultiModal expects "to have revenues above $29 million next year, and be profitable."
Terms of the deal were not disclosed.
He says MultiModal expects to have 100 trucks by the end of this fiscal year, and another 100 trucks by the end of March.
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The key things to note in this release are the following IMO:
The address at 5331 Rep. Dr. is the AllCoast/Veltex office. I believe that Friedel is in that office representing Veltex Transportation (formerly Friedel's Multimodal trucking and B&W warehousing)
Remember Veltex had only 4 trucks in Oct. The first Nov. Release did not say how many trucks Multimodal had, but the end of Nov. release says they have 46 in total, before adding 20 more.
So the year ended with 66 trucks, but with intentions of adding more immediately. Certainly we will hear news right away on the success or failure of such efforts.
Friedel intends to increase business by securing contracts face to face, and to service those contracts first with their own trucks, secondly with trucks hired via the multimodal affiliation.
So there you go, the only new piece of info I have to give you all is to check out B&W warehousing, as I believe that was the name of Friedel's company immediately prior to the transition to Multimodal then to Veltex Transportation. They were located right out at :
4219 Air Trans Rd
Memphis, TN 38118
I'm not sure if that is still the location but I believe it still is.
