North Liberty-based Heartland Express announced Monday afternoon its acquisition of Millis Transfer and its related companies for approximately $150 million, including debt.
A dry van operator headquartered in Black River Falls, Wis., Millis Transfer comes with a single-brand tractor fleet focused on driver comfort amenities and a single-brand trailer fleet.
The newly acquired company operates 11 terminal locations in eight states and five driver training locations, generating about $152 million in revenue in the 12-month period ending June 30.
“We are impressed with the high quality of the driving professionals and the organization’s safety profile,” said Michael Gerdin, Heartland’s president, CEO and chairman, in a news release.
Millis Transfer’s current management team will continue working with the business in their current roles, the release said.
The transaction — which Heartland funded entirely through cash except for around $750,000 in its own stock — will leave the North Liberty company with a consolidated list of approximately 500 customers.
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