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.
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.