Truckload carrier Heartland Express has acquired 100% of the outstanding stock of Tacoma, Washington-based Interstate Distributor Co. from Saltchuk Resources, which bought IDC in 2011.
The acquisition was made for approximately $113 million, including $94 million in cash for equity, $23 million in assumed debt and $4 million of acquired cash. IDC’s Tacoma headquarters and national terminal network overlap with existing Heartland locations and will be consolidated together over the near to medium term, according to Heartland.
“We are excited to add IDC's high-quality drivers, experienced personnel, and strong customer base to Heartland's operations,” said Michael Gerdin, chairman, president, and CEO of Heartland. “IDC is an excellent operational fit, as its terminal network has nearly direct overlap with our current locations. Heartland will gain significant additional traffic density in the West, and our stronger eastern network will improve service for IDC's customers in the East.”
IDC provides dry van truckload transportation services, primarily to the western and southeastern U.S., including local, regional, dedicated, and transcontinental services. The company’s fleet consists of around 1,350 company tractors, 220 tractors run by independent contractors, and 4,700 trailers.
In each of the last three years, IDC was recognized as one of the top three safest fleets in America by the Truckload Carriers Association and has consistently been recognized as one of the Best Fleets to Drive For by CarriersEdge.
“Our first criterion is always safe and highly qualified professional truck drivers,” said Gerdin. “IDC has an experienced driver base with improving safety results over the past several years, and we are impressed by their culture."