According to a press statement, Heartland Express Inc. has purchased 100 percent of the ownership in Smith Transport Inc. and affiliated firms for $170 million.
Heartland also paid $14 million in cash for Smith’s transportation terminal in Roaring Spring, Pennsylvania, as well as 375,000 square feet of leased warehouse space.
According to the company, the Smith fleet comprises of roughly 850 corporate tractors with an average age of less than three years and about 2,000 dry van trailers.
The arrangement appealed to Smith because of Heartland’s regional footprint, respect for its drivers, and excellent level of customer service, according to Todd Smith. He said the decision was easy because of the company’s willingness to pay cash and the desire for Smith to remain an independent brand run by the same individuals.
“Our goal as an employee-owned company was to find the best value and the best home for our staff for years to come,” Smith said.
Barry Smith, the company’s founder and chairman emeritus, adding that Heartland will provide long-term stability and the opportunity to grow as part of an industry leader “while keeping our own culture and character.”
“I couldn’t have found a greater home for the Smith family than Heartland,” he said.