M&A Acquirer Playbook

LANDSTAR SYSTEM INC acquisition history.

Every deal, price, and strategic rationale.

Company LANDSTAR SYSTEM INC

SEC CIK 0000853816

Tracked filings EDGAR · 8-K

Total deals tracked

Disclosed 8-K acquisitions, 2017 — present.

Aggregate disclosed value

$2.8M

~$2.8M+ disclosed across 2 business acquisitions — Landstar grows almost entirely organically through its asset-light independent-agent network; M&A is rare and sub-material.

Active acquisition years

2017 · 2019 · 2020

single sub-material transaction per active year.

Primary sectors

Transportation logistics

asset-light freight brokerage and intra-Mexico logistics (Fletes Avella / Landstar Metro; Landstar Blue truckload brokerage).

Verified 3 deals on this page · sourced from SEC filings

All cross-references covered.

Timeline

3 deals, $2.8M deployed.

Plotted by close date where disclosed, otherwise announcement. Click any marker to jump to the deal entry.

The playbook

The rationale that repeats.

Three patterns show up across LANDSTAR SYSTEM's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.

Acquisition criteria

Organic-first, asset-light by design.

Landstar's growth engine is its network of independent commission sales agents and business-capacity owners, not acquisitions. Across more than two decades of SEC filings the company discloses only a handful of small, sub-material business acquisitions, each absorbed into the single transportation logistics segment rather than run as a standalone platform.

Fletes Avella, S.A. de C.V.Independent agent (truckload brokerage) acquired by Landstar BlueLandstar Metro / Landstar Servicios minority equity interests (~21%)

Capital deployment

Geographic and capability tuck-ins, not scale plays.

The 2017 Fletes Avella purchase gave Landstar an intra-Mexico foothold through the newly formed Landstar Metro subsidiary, and the 2020 Landstar Blue deal pulled one of its own independent agents in-house to build and test digital truckload-brokerage technology. Both were modest, capability-oriented additions rather than consolidation bets.

Fletes Avella, S.A. de C.V.Independent agent (truckload brokerage) acquired by Landstar BlueLandstar Metro / Landstar Servicios minority equity interests (~21%)

Integration approach

Staged ownership and disciplined exits.

Landstar initially took 70% of Landstar Metro alongside seller-affiliated minority holders, then bought out the remaining ~21% in January 2019 to make it wholly owned, later recording a $2.6M impairment as Mexican macro conditions weakened. The company is equally willing to divest: in 2013 it sold its Landstar Supply Chain Solutions unit to XPO Logistics for $87 million.

Fletes Avella, S.A. de C.V.Independent agent (truckload brokerage) acquired by Landstar BlueLandstar Metro / Landstar Servicios minority equity interests (~21%)

Deal book · 3 acquisitions

The full deal book.

3 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

On September 20, 2017, Landstar Metro, S.A.P.I. de C.V. (Landstar Metro), a newly formed subsidiary of the Company, acquired substantially all of the assets of the asset-light transportation logistics business of Fletes Avella, S.A. de C.V., a Mexican transportation logistics company. Landstar Metro provides freight and logistics services within Mexico; Landstar Servicios provides administrative, financial, operational, safety and compliance services to Landstar Metro.

Capabilities acquired

Asset-light freight and logistics servicesintra-Mexico transportationU.S.-Mexico cross-border logistics

On September 20, 2017, Landstar Metro, S.A.P.I. de C.V. (Landstar Metro), a recently formed subsidiary of the Company, acquired substantially all of the assets of the asset-light transportation logistics business of Fletes Avella, S.A. de C.V., a Mexican transportation logistics company. In connection with the acquisition, individuals affiliated with the seller subscribed in the aggregate for a 30% equity interest in each of Landstar Metro and Landstar Metro Servicios S.A.P.I. de C.V. (Landstar Servicios), while the Company owns a 70% interest in each.

Landstar System FY2017 10-K Item 1 Business description

Deal value

Not disclosed

Terms

AnnouncedSep 2017

ClosedSep 2017

StructureAsset purchase

Considerationall cash

Deal facts

GeographyMexico

SegmentTransportation logistics

Integration unitOperated through Landstar Metro / Landstar Servicios (70% owned by Landstar at acquisition; seller-affiliated individuals held 30%), within the transportation logistics segment.

Integration timelineOn January 29, 2019, Landstar acquired all remaining equity interests in Landstar Metro and Landstar Servicios from the former minority equityholders, making each a wholly owned subsidiary. The Company later recorded a $2,582,000 impairment on customer-relationship intangibles acquired in the transaction due to negative macroeconomic trends in Mexico.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · Fletes Avella

On May 6, 2020, the Company formed a new subsidiary subsequently renamed Landstar Blue, LLC (Landstar Blue), which arranges truckload brokerage services while helping the Company develop and test digital technologies and processes for the benefit of all Landstar independent commission sales agents. On June 15, 2020, Landstar Blue completed the acquisition of an independent agent of the Company whose business focused on truckload brokerage services.

Capabilities acquired

Truckload brokerage servicesdigital freight technology development and testing

On June 15, 2020, Landstar Blue completed the acquisition of an independent agent of the Company whose business focused on truckload brokerage services. Cash consideration paid for the acquisition was approximately $2,766,000. In addition, the Company assumed approximately $200,000 in liabilities consisting of additional contingent purchase price. The resulting goodwill arising from the acquisition was approximately $2,871,000.

Landstar System FY2020 10-K Acquired Business note

Deal value

approximately $2,766,000 cash, plus approximately $200,000 of assumed contingent purchase-price liabilities

Terms

AnnouncedJun 2020

ClosedJun 2020

StructureAsset purchase

Considerationall cash

Deal facts

GeographyUnited States

SegmentTransportation logistics

Integration unitOperated as Landstar Blue, LLC within the transportation logistics segment.

Integration timelineResults of operations for Landstar Blue are presented as part of the Company's transportation logistics segment; the Company did not consider the acquisition material and did not present pro forma financials.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · Independent agent (truckload brokerage) acquired by Landstar Blue

On January 29, 2019, Landstar acquired all of the remaining equity interests in Landstar Metro and Landstar Servicios held by their former minority equityholders, who had owned approximately 21% in the aggregate as of December 29, 2018. As of that date, Landstar Metro and Landstar Servicios each became wholly owned subsidiaries of the Company.

Capabilities acquired

Intra-Mexico freight and logistics services

On January 29, 2019, Landstar acquired all of the remaining equity interests in Landstar Metro and Landstar Servicios held by their former minority equityholders. Accordingly, as of such date, Landstar Metro and Landstar Servicios each became wholly owned subsidiaries of the Company.

Landstar System FY2020 10-K Item 1 Business description

Deal value

Not disclosed

Terms

AnnouncedJan 2019

ClosedJan 2019

StructureMinority buyout

Considerationall cash

Deal facts

GeographyMexico

SegmentTransportation logistics

Integration unitLandstar Metro and Landstar Servicios became wholly owned subsidiaries within the transportation logistics segment.

Integration timelineRevenue from Landstar Metro represented less than 1% of the Company's transportation logistics segment revenue during fiscal year 2020.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · Landstar Metro / Landstar Servicios minority equity interests (~21%)

End of deal book

3 acquisitions · $2.8M deployed ·2017 — present

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Contact sales See platform

3 deals, $2.8M deployed.

The rationale that repeats.

Organic-first, asset-light by design.

Geographic and capability tuck-ins, not scale plays.

Staged ownership and disciplined exits.

The full deal book.

Bring this depthto every deal.

Bring this depth
to every deal.