Heartland Express Inc. has acquired 100% of the equity of Smith Transport Inc. and related companies for about $170 million, according to a release.
“We are extremely happy to bring aboard a company with a rich tradition of trucking for more than 40 years,” said Michael Gerdin, chairman, president, and CEO of Heartland Express. “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.”
Heartland Express ranks No. 42 on the 2022 FleetOwner 500: For-Hire list.
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Founded in 1982, Smith Transport is an asset-based truckload carrier that primarily provides dry van transportation and other specialized services in the eastern U.S.
Heartland acquired 100% of the equity of Smith and related entities for a cash-free, debt-free enterprise value of about $170 million. Smith operates about 850 company tractors and 2,000 dry van trailers. The Roaring Spring property was acquired from its owners in a separate transaction for $14 million in cash and includes both the trucking terminal and 375,000 square feet of warehouse space that is leased to tenants.
“As an employee-owned company, our goal was to find the best value and the best home for our people for years to come,” said Todd Smith, Smith Transport's president. “With the ability to pay cash and invest in our headquarters, and the desire for Smith to remain an independent brand operated by the same people, the choice was clear.”
