FST Logistics, Inc. had a monumental year in 2023. With many changes across the business, from acquisitions, new partnerships, leadership changes, and the growth of the company’s community outreach, there is no doubt that FST Logistics had a year for the record books.
FST’s Brokerage division has expanded into auto parts and manufacturing with the addition of seven new customers. This expansion has officially made the brokerage a 24/7 service, working tirelessly to provide top-notch customer service and reduce double brokering. This task is not easy, but by leveraging new software, increased communication methods, and additional vetting, FST’s Brokerage has become more efficient in 2023. As a result, the brokerage ran over 14,000 loads in 2023, a 16% increase over 2022.
FST’s Warehousing and Express divisions onboarded 12 new customers in 2023. These new partners fully embraced the company’s ability to meet high e-commerce demands, industry-leading OTIF and inventory accuracy scores. FST’s focus on accountability for every owner helps the organization ensure accuracy and reduce inventory loss. Along with attention to detail, the company’s proprietary software, InSight, gives partners complete visibility into their supply chain with FST. Partners can access inventory reports, view transportation and e-commerce costs, track real-time shipments, and access other operational reports. This one-stop portal allows FST’s partners to rest easy knowing they have 24-hour access to their supply chain.
In the summer of 2023, FST added a new warehouse to its Central Ohio demographic. The new facility added 187,000 square feet to the company’s already existing dry, ambient, and temperature-controlled space. FST’s Warehousing division now spans over 1.4 million square feet. The additional space allows FST to service pharmaceutical and CPG brands, with value-added services at each facility.
Expansion Across Ohio
Soon after adding warehouses space in Grove City, FST acquired Hyway Trucking Co. Hyway is based in Findlay, Ohio, and has over 30 years of experience providing excellent transportation services to its customers. With the addition of Hyway, FST expanded its asset-based fleet by 70 tractors and 300 trailers. This addition substantially increased the company’s presence in the Midwest region, its ability to expand the company’s reach, and service offerings to include a dedicated fleet and full-truck load services.
When asked about the acquisition and what made HYWAY stand out, Mike Giannantonio, EVP of Corporate Development, said, “Hyway was the perfect first acquisition for FST. The company fits many aspects of our investment criteria – owner/founder run, profitable, great culture, and diversified customer mix. By deploying our pillars of excellence operational model and ESOP structure, we viewed Hyway as the type of business FST could help navigate to unreachable heights.”
Compass, FST’s employee-led community outreach team, is tasked with changing the direction of the communities we serve. Compass partnered with over 25 charities in the Columbus area this year. In August, the team held a golf outing at Pinnacle Golf Club in Grove City to support Alvis, a non-profit with 50 years of experience turning lives around 180 degrees. The outing raised over 40,000 for the organization. Along with Alvis, FST partnered with Pelotonia, a bike ride that raises awareness for cancer research. FST had 21 riders this year and raised over $45,000 through various fundraisers. FST is excited to partner with Life Connections Ohio in 2024. Hyway partnered with the organization in 2007 to help bring awareness to the importance of organ and tissue donation. FST is looking forward to continuing this campaign.
Growth & Leadership
FST has expanded the leadership team through the expansion of the company. At the start of the year, FST welcomed Brian Asher, SVP of Freight Brokerage Services, and Mike Giannantonio, EVP of Corporate Development. Chris Smith, a beloved and long-time employee-owner, was promoted to EVP of Warehousing. In this role Smith oversees the day-to-day functions of FST’s five warehouses, bringing Zak Hancock into the role of COO. After 11 years of dedicated service and a pivotal role in strategic decisions, Brad Wright was promoted to President.
When asked about FST’s success in 2023 and outlook going into 2024, President Brad Wright said, “I could not be more excited about FST’s position as we close out another successful year and move into 2024. Over the last year, our ongoing focus on our Pillars of Excellence has resulted in the acquisition of Hyway Trucking, the addition of several new customers, record-setting volunteer work and donations for our local community, and most importantly, the continued growth of our employee-owners through our in-house training and development programs. The foundation of FST has never been stronger to support future growth and sustained success in 2024 and beyond.”
As FST Logistics moves into 2024, it looks forward to building on the foundation that was solidified in 2023. With a focus on continued growth, the sky is truly the limit for the organization.