Integrated Freight Corp. announced Tuesday, Nov. 16, that it has executed a letter of intent to acquire Texas Star Express of Rockwall, Texas. The LOI allows for 45 days of due diligence and a definitive agreement to be completed within that timeframe. The current proposed deal is for a combination of cash, stock and a note from IFC; financial terms were not released.
“It is very exciting to have a company of this size and with the geographic region it covers become a part of Integrated Freight Corporation as we continue to expand,” says Paul Henley, chief executive officer of Sarasota, Fla.-based Integrated Freight, which was formed for the purpose of acquiring and consolidating operating motor freight companies.
Founded in 1987, Texas Star Express is a subsidiary of Epes Carriers Inc. With a fleet of 315 tractors and 1,100 trailers, Texas Star Express provides regional and long-haul dry van truckload services to a diverse group of general commodity customers; dedicated services also are offered. Areas of service include Texas and surrounding states to and from the Midwest, Southeast and intra-state Texas. Texas Star Express’s 2010 revenues are expected to exceed $58 million, according to Integrated Freight.
Integrated Freight, which made its third acquisition in May, recently reported first-quarter revenues for the three months ended June 30 of $6.7 million. The company now is able to provide long-haul, regional and local service and specialize in dry freight, refrigerated freight and hazardous waste truckload services, operating primarily in the upper Midwest, Texas, California and the Atlantic seaboard.