Swift Transportation Co. Inc. announced it has completed its previously announced acquisition of certain assets of Merit Distribution Services Inc. for $76 million,
including $26 million for additional revenue equipment and other assets not originally anticipated.
Merit's fleet consists of 825 tractors, including 140 owner-operators, and 1,400 trailers, of which 455 tractors and 1,100 trailers are leased. Merit's primary business consists of a series of dedicated regional trucking fleets that serve Wal-Mart's grocery distribution centers and retail outlets.
Jerry Moyes, chairman and chief executive officer, said, "This acquisition will add an estimated annual revenue stream of $140 million. This fulfills our objective to grow profitably in order to enhance shareholder value. In addition, we are excited that our relationship with Wal-Mart is expanding and we look forward to additional opportunities."
Swift is the holding company for Swift Transportation Co. Inc., a truckload carrier headquartered in Phoenix, Ariz. Swift's trucking subsidiary operates one of the largest fleet of truckload carrier equipment in the United States with regional operations throughout the continental United States.