Heniff Transportation and Superior Bulk Logistics to merge
Story by: Todd Maiden @ freightwaves.com
The planned merger of Heniff Transportation and Superior Bulk logistics could create the largest tank carrier in the U.S.
Private equity firm Olympus Partners announced that it has acquired liquid and dry bulk carrier Superior Bulk Logistics (SBL) with the intention of combining that company with one of its other portfolio companies, bulk liquid carrier Heniff Transportation Systems. Terms of the transaction were not disclosed.
Heniff was provided capital from Olympus Partners and a group of lenders to fund the deal.
SBL operates as two separate companies, Superior Carriers Inc., a liquid and dry bulk carrier with a customer base of international chemical manufacturers, and Carry Transit Inc., a provider of logistics services for food product companies. SBL also has a subsidiary, Supernus Global Solutions Inc., which provides third-party brokerage and global supply chain management services.
“We are constantly seeking ways to improve our customer service capabilities. This transaction is a perfect example of how we will continue to invest in the business to ensure we have the resources to become strategic partners with our customers,” said Heniff’s founder and CEO Bob Heniff.
FreightWaves reported on the potential for private equity-led merger and acquisition activity in the space in August.
The two Oak Brook, Illinois-based carriers will merge into one company at a later date. The merger aims to combine Heniff’s 40 locations with 34 Superior and 21 Carry facilities to provide service in the U.S., Canada, and Mexico with a combined fleet of 2,100 tractors and 5,000 trailers. The entity will continue to offer transloading, tank washing, and intermodal services. Heniff gained expertise in intermodal bulk transport of International Organization for Standardization (ISO) containers through its 2018 acquisition of Miller Transporters and Miller Intermodal Logistics Services.
Read the full story HERE @ freightwaves.com
Source and credits: freightwaves.com / Todd Maiden / iTrucker / Mario Pawlowski