“We are pleased to welcome the customers, driving and non-driving associates, and independent contractors of Roads West to Knight Transportation,” Knight said. “Roads West has a long history in the refrigerated market and also operates dry van and brokerage divisions. For the past several years, Roads West has leased space from Knight at our Phoenix terminal, so we are familiar with their leadership and operations. Based on the company’s profile and our knowledge of their operations, we expect a good fit with Knight.
Based on Roads West’s recent interim, unaudited financial statements, Knight said he believes the acquired business generated from $25 million to $30 million in annual revenue, including about $5 million in brokerage operations. Roads West had 110 company-employed drivers and 45 owner-operators before closing.
“In the acquisition, we purchased 133 tractors, 280 trailers, and miscellaneous other assets,” Knight said. “The over-the-road fleet was comprised of 2005 model year or newer tractors. We did not purchase cash or accounts receivable. The purchase price for the assets was approximately $15.6 million, not including potential earn-outs that could increase the price to approximately $16 million.”