Heartland Express (No. 37 on the CCJ Top 250) announced Monday it has acquired Millis Transfer (No. 125) and related entities for approximately $150 million.
Millis, based in Black River Falls, Wisconsin, is a dry van truckload carrier. Heartland said in a press release the Millis management team will remain with the company in their current roles.
Michael Gerdin, chairman, president and CEO of Heartland, said his company will fund the purchase price and pay off the assumed debt with existing cash. He added that the company still expects to end 2019, after the transaction, with approximately $50-60 million in cash, no debt and approximately $90 million available through a revolving line of credit.
According to the Federal Motor Carrier Safety Administration’s Safety Measurement System, Millis’ fleet consists of approximately 850 trucks and 840 drivers.
