Swift Transportation Co. said it has acquired privately held carrier Central Refrigerated for $225 million.
The purchase of the West Valley City, Utah-based carrier was for about $189 million in cash and $36 million of assumed capital lease obligations and other financial debt, Swift said in a statement.
Central Refrigerated — the fifth-largest provider of temperature-controlled truckload services in the United States — generated about $504 million in revenue and $50 million in earnings before interest, taxes, depreciation and amortization in the 12 months ended June 30.
Swift’s CEO and controlling stockholder, Jerry Moyes, was Central’s principal owner.
Swift said it expects the combination of Central Refrigerated`s business and Swift`s existing refrigerated business will make it the nation`s second-largest temperature-controlled truckload provider.
C.R. England is the largest refrigerated-sector carrier in the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers, with 2012 revenue of $1.416 billion, followed by Prime Inc., with revenue of $1.152 billion.
Swift Transportation Co. is ranked No. 7 on the TT 100, while Central Refrigerated is ranked No. 56.
