Trimac Adds DSI to Bulk Operation
In a sign of further consolidation in the tank truck segment of the industry, Canadian-based Trimac Corp. of Calgary, Alberta, agreed to buy Initial DSI Transports of Houston for $68.3 million.
Trimac, which has been seeking to fortify its U.S. bulk trucking operations since spinning off its oilfield services business in 1997, said the acquisition will provide “significant opportunities for growth and operational efficiencies because of the complementary nature of Trimac’s existing U.S. terminal locations and traffic lanes.”
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DSI Transports is a hauler of chemicals, petroleum and dry bulk products with annual revenue of $156.2 million in 1998. The company has 34 terminals, mostly in the Gulf Coast, Southeast and mid-Atlantic regions, and operates a fleet of more than 900 tractors and 1,350 trailers.
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In a Dec. 21 conference call with investment analysts and news media representatives, President Jeffrey J. McCaig said Trimac was one of several companies competing for DSI Transports. He said the company was approached by officials from Rentokil Initial after the British-based business services group decided to divest the trucking business.
