Saia Announces Acquisition of Madison Freight Systems
Saia Inc., a leading multi-regional less-than-truckload (LTL) carrier, has acquired Madison Freight Systems Inc., a less-than-truckload carrier.
Saia Inc., a leading multi-regional less-than-truckload (LTL) carrier, has acquired Madison Freight Systems Inc., a less-than-truckload carrier.
MFS, headquartered in Waunakee, Wis., provides 100 percent direct coverage to the state of Wisconsin and limited coverage in Illinois and Minnesota. Founded in 1943, MFS has five terminals and 200 employees. The operations of MFS will be integrated into Saia’s direct service in Wisconsin.
Saia President and CEO Richard O’Dell said, “By enhancing direct coverage and the quality of service in our footprint, there are distinct advantages for our customers.” The expanded Saia organization will serve 34 states with 151 terminals.
The purchase price consideration of approximately $2.5 million is 3.0 times EBITDA. MFS has approximately $15 million in annualized revenues and is operating at break-even level. Saia expects the acquisition to be $0.02 accretive in 2007 including the estimated integration costs of $900 thousand.
Supplemental information about the Saia expansion, including a map of the new coverage area, is available at www.saia.com.
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