Boyd Bros., Tankstar Make Acquisitions
November 4, 1998
Nov. 5 – Alabama-based flatbed carrier Boyd Bros. Transportation and Wisconsin-based tank carrier Tankstar USA have both announced new acquisitions.
Boyd Bros. (http://www.boydbros.com) has signed a letter of intent to acquire Ruel Smith Transportation Services, a privately held flatbed company based in Houston. The cash-and-stock transaction, valued at $4.5 million, is expected to be completed by the end of the year.
With a fleet of 150 tractors, 75 of which are company-owned, and 164 trailers, Ruel Smith provides long- and short-haul flatbed trucking services. Ruel Smith will serve as a platform for further expansion as Boyd Bros. pushes westward. It also is expected to provide momentum to Boyd Bros.’ strategy of building a strong owner-operator fleet to complement its company-owned units.
Tankstar USA (http://www.tankstar.com) has acquired Rogers Cartage Co. of Crestwood, IL, for an undisclosed amount. Rogers Cartage transports liquid chemicals in bulk tanks for large chemical producers. They currently operate 13 terminals in eight states. Rogers will operate separately under Tankstar’s organizational structure.
Tankstar is a holding company that currently owns four companies, primarily serving the bulk tank truck industry. With the addition of Rogers, combined revenues of Tankstar will now exceed $115 million, making it one of the top 10 providers of bulk transportation and logistics services in the country, according to the company.