Knight Transportation, Inc. announced today it completed the acquisition of 100% of the stock of Edwards Bros., Inc., a refrigerated truckload carrier based in Idaho Falls, ID, for an undisclosed purchase price.
"We are pleased to welcome the customers, driving and non-driving associates, and independent contractors of Edwards Bros.” chairman & CEO, Kevin P. Knight, stated. to Knight Transportation. Edwards Bros. has a long history in the refrigerated market, and we expect a good fit with our successful Knight Refrigerated operation.
"Edwards Bros. has generated approximately $25 million to $30 million in revenue, including both trucking and brokerage operations,” said Knight. “We expect to retain a majority of the revenue, focusing on the most favorable relationships and attempting to match fleet size with the number of qualified drivers. Prior to the acquisition, Edwards Bros. was marginally profitable.
"The business will operate under the Edwards Bros. name for the near term, with a transition to the Knight Refrigerated name expected,” Knight continued. "Our first priority will be to ensure continuity of service for customers and a professional transition for driving and non-driving associates. At the same time, we will be working toward improving Edwards Bros.' profitability to Knight's standards. This will take some time, although we expect the transaction to be accretive to our earnings within two full quarters."
Knight Transportation, Inc. is a short- to medium-haul, truckload carrier headquartered in Phoenix, AZ.
