Heartland Express acquires Millis Transfer for $150 million
“Heartland Express announced it has acquired family-owned Millis Transfer and related companies for approximately $150 million, including debt. Including the payoff of all assumed debt, which is expected by December 31, 2019, the transaction was all cash except for approximately $750,000 in Heartland stock.”- According to the article in freightwaves.com and its author Brian Straight
Dry-van operator Millis operates 11 terminal locations ad five MTI driver school locations. The company generated approximately $152 million in revenue in the 12 months ending June 30, 2019.- Straight also wrote in his article.
“We are very pleased to welcome everyone at Millis to Heartland Express. We are impressed with the high quality of the driving professionals and the organization’s safety profile,” Michael Gerdi, chairman, president, and CEO of Heartland, said in a statement. “In addition, the regional coverage, equipment, conservative and disciplined management style, and culture are all very compatible with our approach. The current Millis Family management team has over 113 years of combined experience and will remain with the business in their current roles. We expect Millis to contribute to our ongoing success immediately, and with opportunities for further improvement, get even better over the long term.”
According to the Federal Motor Carrier Safety Administration’s SaferWeb, Millis has approximately, 840 drivers ad 850 power units. The company is based in Black River Falls, Wisconsin.
Read the full story HERE
Source and credits: freightwaves.com / Brian Straight and iTrucker / Mario Pawlowski