Heartland Express Acquires Smith Transport, Inc. and Related Companies

Smith operates a fleet of approximately 850 company tractors, with an average age of less than three years, and approximately 2,000 dry van trailers

Heartland Express, Inc. one of North America’s largest and most profitable truckload transportation companies, announced today that it has acquired 100% of the equity of dry van truckload carrier Smith Transport, Inc. and related entities (“Smith”), for an aggregate value of approximately $170 million.

Heartland Comments

Michael Gerdin, Chairman, President, and CEO of Heartland Express, commented: “We are proud to welcome the Smith people, customers, and brand to the Heartland Express family. We are extremely happy to bring aboard a company with a rich tradition of trucking for more than forty years. It is truly an honor to have Smith Transport join our team. The Smith companies will continue to operate from Roaring Spring, Pennsylvania, under the leadership of Todd Smith, President, with ongoing support from founder and legend Barry Smith. We were attracted to this opportunity for three main reasons: the safe and experienced professional drivers, the high level of service offered to a blue-chip customer base, and the management depth that demonstrate the ability to continue operating independently and profitably. Our plan is to keep Smith the same company that is attractive to customers, drivers, and other personnel, while using our scale to offer better purchasing, more depth, and advantageous cost savings. Our trucking experience is deep across the board with longtime Heartland employees, the knowledge and experience of our Millis leadership, and now adding the Smith attributes to the team. This makes us even stronger as a combined company. The purchase price was funded with existing cash, and the addition of Smith is expected to be immediately accretive to our earnings per share.”

Category: Equipment, Featured, General Update, Management, News