Quality Distribution's wholly-owned subsidiary, Boasso America Corporation, has entered into a definitive agreement to acquire 100% of the outstanding stock of Greensville Transport Company for $8.5 million.
"We are excited about the pending Greensville acquisition, which is consistent with our strategy of growing our Boasso business," said Gary Enzor, President and Chief Executive Officer of Quality Distribution, Inc. "The team at Greensville runs an excellent operation, making this acquisition a strong supplement to Boasso's East Coast service offering."
Greensville, headquartered in Chesapeake, Va., provides ISO tank container and depot services with access to ports in Virginia, Maryland and South Carolina.
For its most recent fiscal year ended December 31, 2010, Greensville had revenues of approximately $8.0 million. The Company expects to close the transaction in the fourth quarter, subject to customary closing terms and conditions, and expects the acquisition to be accretive to earnings and cash flow in 2012.
"We are excited to announce this outstanding opportunity. Greensville has an excellent reputation in the intermodal tank container industry and we are confident that the business will merge seamlessly with our core operations," says Scott Giroir, president of Boasso. "The Mid-Atlantic market is an attractive region with excellent growth prospects, especially with the planned expansion of the Panama Canal in 2014."
"We are excited about the pending Greensville acquisition, which is consistent with our strategy of growing our Boasso business," said Gary Enzor, President and Chief Executive Officer of Quality Distribution, Inc. "The team at Greensville runs an excellent operation, making this acquisition a strong supplement to Boasso's East Coast service offering."
Greensville, headquartered in Chesapeake, Va., provides ISO tank container and depot services with access to ports in Virginia, Maryland and South Carolina.
For its most recent fiscal year ended December 31, 2010, Greensville had revenues of approximately $8.0 million. The Company expects to close the transaction in the fourth quarter, subject to customary closing terms and conditions, and expects the acquisition to be accretive to earnings and cash flow in 2012.
"We are excited to announce this outstanding opportunity. Greensville has an excellent reputation in the intermodal tank container industry and we are confident that the business will merge seamlessly with our core operations," says Scott Giroir, president of Boasso. "The Mid-Atlantic market is an attractive region with excellent growth prospects, especially with the planned expansion of the Panama Canal in 2014."
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