Quality Distribution Inc. on Friday, Oct. 7, announced that its wholly-owned subsidiary, Boasso America Corp., has entered into a definitive agreement to acquire 100 percent of the outstanding stock of Greensville Transport Co. for $8.5 million and up to an additional $500,000 subject to Greensville meeting certain future operating performance criteria.
“We are excited about the pending Greensville acquisition, which is consistent with our strategy of growing our Boasso business,” says Gary Enzor, president and chief executive officer of Quality Distribution. “The team at Greensville runs an excellent operation, making this acquisition a strong supplement to Boasso’s East Coast service offering.”
Greensville, which is headquartered in Chesapeake, Va., is a provider of ISO tank container and depot services with access to ports in Virginia, Maryland and South Carolina.
“We are excited to announce this outstanding opportunity,” says Scott Giroir, president of Boasso. “Greensville has an excellent reputation in the intermodal tank container industry, and we are confident that the business will merge seamlessly with our core operations. The Mid-Atlantic market is an attractive region with excellent growth prospects, especially with the planned expansion of the Panama Canal in 2014.”
For its most recent fiscal year ended Dec. 31, 2010, Greensville had revenues of about $8.0 million, according to Quality, which expects to close the transaction in the fourth quarter, subject to customary closing terms and conditions, and expects the acquisition to be accretive to earnings and cash flow in 2012.
“We are pleased to have this opportunity to partner with Boasso and Quality Distribution,” says Ted Lepski, president of Greensville. “We believe this combination will enhance our ability to provide the best possible service to our customers and give us the ability to more quickly expand our geographic coverage.”