Trimac to acquire Ellsworth Motor Freight Lines
Nov 13, 2002 12:00 PM
Trimac Transportation, Calgary, Alberta, Canada, has entered into an agreement with Ellsworth Motor Freight Lines Inc, Tulsa OK, for the purchase of substantially all of the assets and business of Ellsworth, according to information from Trimac. Subject to satisfaction of customary closing conditions, the transaction is expected to close the first week in December.
"The purchase of Ellsworth will provide opportunities for growth and enhanced customer service due to the complementary nature of Trimac's existing US terminal locations and traffic lanes," says Terry Owen, Trimac Transportation executive vice-president. "The installation in Ellsworth of Trimac's industry-leading information systems will provide additional opportunities for operational efficiencies and value added services to customers. We are especially pleased that Lee Ellsworth will continue to play a key role in the Ellsworth business".
The assets to be purchased include approximately 500 trailers and 90 tractors. Ellsworth's 2002 revenues are projected at about $20 million. Ellsworth was ranked 45th in the Modern Bulk Transporter 2002 Tank Truck Carriers Gross Revenue Report.
The Ellsworth business will be integrated into Trimac's petroleum, dry bulk and mining services division, Longmont CO.
Ellsworth provides transportation services to manufacturers of dry bulk and liquid products and to distributors of cement, sand, asphalt, and related products. The company operates from 10 terminals in the United States, primarily in the Oklahoma, Arkansas, and Kansas markets. Ellsworth employs approximately 300 people, including approximately 190 company drivers and independent contractors.