Swift Transportation announced today that it acquired privately held Central Refrigerated Transportation, in a transaction valued at $225 million, including approximately $189 million in cash and $36 million of assumed capital lease obligations and other financial debt.
Photo: Evan Lockridge
Jerry Moyes, the Chief Executive Officer and controlling stockholder of Swift, was the principal owner of Central.
Headquartered in West Valley City, Utah, Central is a truckload carrier specializing in temperature-controlled freight transportation and is reportedly the fifth-largest provider of temperature-controlled truckload services in the U.S., generating $504 million of revenue.
The combination of Central's business with Swift's existing refrigerated business is expected to make Swift the nation's second largest temperature-controlled truckload provider.
The Swift board of directors established a special committee in May of 2011 to evaluate Swift`s expansion of its temperature-controlled operations, including the potential acquisition of Central, as well as other acquisition candidates.