Integrated Freight Corp. on Tuesday, April 5, announced the acquisition of Cross Creek Trucking, a Medford, Ore.-based refrigerated freight hauler. In operation since 1986, Cross Creek has a fleet of more than 115 late model tractors, 170 refrigerated trailers and 30 dry trailers, with 2010 revenues of about $28 million. Cross Creek currently serves customers across the country with a strong presence in Oregon, Washington, California, Utah, Nevada, Idaho and Nebraska.
Integrated Freight says the Cross Creek Trucking acquisition, terms of which were not announced, will increase its nationwide fleet to more than 300 tractors and 650 trailers while expanding the company’s shipping reach into the Pacific Northwest. The transaction was effective Friday, April 1, and was completed with a combination of cash, equity and debt. Integrated Freight, formed for the purpose of acquiring and consolidating operating motor freight companies, completed its fourth acquisition this month and in February 2011 reported fiscal third quarter revenues of $10.34 million.
“Strategically, Cross Creek fits in perfectly with what we’re trying to build here at Integrated,” says Paul Henley, chief executive officer of Sarasota, Fla.-based Integrated Freight. “We’ve kept our eyes open for a successful and well respected operator in this region of the country, and they fill that need exceptionally well. The combination of Cross Creek with our current operators will result in more routes, additional customers and a better bottom line across the fleet.”
“We’re very excited about this acquisition by Integrated Freight,” says Michael DeSimone, president and founder of Cross Creek Trucking. “While we have been a very successful carrier within our own geographical region, joining Integrated’s team will allow our customers, our employees and our company to access numerous additional opportunities nationwide.”
DeSimone says that with the support of Integrated Freight’s network of carriers, Cross Creek Trucking will be able to take advantage of greater freight capacity, access a larger customer base and enjoy the bulk cost savings that Integrated will provide. “We’re ready to expand our base of operations, continue to improve shipping options for our customers and help to grow Integrated Freight into one of the nation’s premier dry and refrigerated freight companies,” he says.
