Hartland acquires Smith Transport, a dry van truck carrier

Heartland Express is, with the acquisition of Smith Transport is a trucking company of the driver down, we went back to the acquisition market.

With the first acquisition since then I purchased Mills Transfer in August 2019Heartland paid approximately $ 170 million to all shares of Smith and its affiliates.

The purchase price is just below $ 187 million in cash for Heartland. (NASDAQ: HTLD) It was in the book at the end of the first quarter. But that cash figure doesn’t reflect that Heartland sold the terminal in California on May 23. Hartland said at the Securities and Exchange Commission that it applied for the sale, it offset the pre-tax profit from the sale of about $ 73 million.

The profit of that scale is close to all of the company’s net income in 2021 to $ 79.3 million.

In a prepared statement, Hartland said the acquisition was funded by existing cash. Smith is expected to soon increase Heartland’s bottom line. Hartland earned $ 16.8 million in the first quarter, or 21 cents per share, up 25.3% from the first quarter of 2021.

California real estate buyers Real term, Maryland in the company based, calls itself the “independent global investment manager focused on the transportation industry.”

Ann Commercial Observer ArticlesCovering commercial real estate in big cities, Rancho Cucamonga’s Heartland-sold terminal was described as a “rare asset truck facility,” and brokers involved in the transaction said, “Properties are irreplaceable with Class A improvements. It’s a thing. ” You cannot create it again. The broker described the price as the “maximum”.

Hartland said at SEC Filing that it had signed a two-year lease to continue using the facility. The contract also includes a 5-year renewable option.

With the sale and leaseback, Commercial Observer has set the transaction value at $ 95.5 million.

In announcing the deal with Smith Transport, Hartland said the company has about 850 tractors and 2,000 dry van trailers.

Other articles by John Kingston

Better payments don’t hold drivers, Heartland finds

Profitable Heartland is concerned about earnings from Barclays

CR England customer information may have been compromised in an October data breach

The FREIGHTWAVES TOP 500 The For-Hire Carriers list includes: CR England (No. 27), Heartland Express (No. 35) and Smith Transport (No.95).

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