During 2000, Ort Trucking generated approximately $18 million in revenue. Ort Trucking operated approximately 130 company-owned tractors, 50 tractors supplied by owner-operators, and a fleet of more than 300 trailers.
Under the agreement, Simon will acquire 19 tractors and sixty 53-foot, temperature-controlled trailers within the next 90 days, subject to delivery of clean title. Simon agreed to lease those tractors and trailers until completing the purchase and also agreed to assume the existing leases on 10 additional tractors.
As part of the transaction, Simon will lease the two terminal facilities and all furniture, fixtures, office and computer equipment and other assets in the terminals (New London and an additional facility in Carthage, Mo.) for one year. Simon also acquired 70 Qualcomm satellite communications units and other miscellaneous assets.
Scott Ort has agreed to join Simon as the manager of the former Ort Trucking business and has agreed not to compete in the truckload industry for a period of five years. Simon will have the opportunity to hire Ort Trucking's approximately 130 company drivers, 50 owner-operators, and office and shop personnel. It is expected that most of Ort Trucking's operations personnel will remain in New London.
"We are excited about the possibility of adding as many of the Ort Trucking drivers as possible while acquiring only 29 additional company power units," said Simon Chief Executive Officer Jon Isaacson. "The acquisition will provide the opportunity to add up to 100 drivers to seat existing Simon trucks. We also will have the opportunity to add to Simon's growing fleet of owner-operators."
Simon completed another acquisition, that of Westway Express, just a month ago.