John Ruan III, chairman and Mike Kandris, president of RUAN Transportation Management Systems Inc., and Manual Mancebo, Jr., president and CEO of Kings County Truck Lines Inc.,
jointly announced their companies have entered into a non-binding Letter of Intent. It calls for Iowa-based RUAN to purchase 100 percent of the outstanding stock of Kings County and other related entities.
Kings County Truck Lines Inc., headquartered in Tulare, Calif., is one of the nation's largest regional food grade carriers. The transaction includes Kings County Truck Lines Inc. and its affiliates Cal Western Transport Inc., Fluid Transport Inc., California Milk Transport Inc., and MSM Trucking LLC.
Kings County was founded in 1940 by Manual Mancebo, Sr. and primarily hauls milk products in bulk tank, mainly in liquid form, from the producers to processing plants and later processed products to distribution centers and store locations. Kings County operates 12 terminals in California, Oregon, Arizona and Idaho and employs approximately 600 people.
The closing of the transaction is subject to the completion of RUAN's due diligence procedures and the completion of all of the definitive agreements required to document the transaction. It is anticipated that the closing of the transaction will take place prior to the end of the year.
For details, visit http://www.ruan.com/.