United Petroleum Transports (CCJ Top 250, No. 180) is set to acquire Patriot Transportation in an approximately $65.9 million deal. Upon completion of the transaction, the combined company will have more than 1,000 drivers servicing markets from Arizona to Florida, covering 11 states with over 30 terminals.
UPT will continue to operate Patriot's business through Patriot's subsidiary, Florida Rock & Tank Lines (No. 221).
"Patriot is the perfect match for UPT's strategic intention to expand our network to the southeastern United States," said Greg Price, Executive Chairman of UPT. "We are pleased to welcome one of the leading bulk and tank trucking providers to UPT's family. Together we will enhance our shared value proposition and invest in exciting growth opportunities providing transportation solutions for new and existing customers."
Florida Rock & Tank serves the southeastern U.S., as a premier bulk tank carrier specializing in hauling primarily petroleum-related products and other liquid and dry bulk commodities. One of the largest regional tank truck carriers in North America, Florida Rock & Tank operates in Florida, Georgia, Alabama, and Tennessee with 17 terminals and six satellite locations.
"We are thrilled to partner with a company like UPT that appreciates Patriot's proud history and is closely aligned with our mission and culture which is focused on safety, our customers and our employees," said Rob Sandlin, President and CEO of Patriot. "I believe the combined strength of the management teams will allow us to execute a strategic plan for growth beyond our current footprint. I appreciate UPT's executive leadership recognizing our strong brand and quality employees and look forward to working side by side with their management team. I am also thankful to Patriot's Board of Directors, shareholders and the Baker family for their support over the many years here at Patriot."
