Trimac Transportation has formed a new operating entity, Trimac Dry Bulk Group Inc, and that new entity has entered into an asset purchase agreement with StarTrans Inc for purchase of the business and certain of the assets of StarTrans.
StarTrans is a Holly Hill SC-based motor carrier engaged in the transportation of dry bulk products, including cement and lime. The carrier currently operates in a 20-state area east of the Mississippi River through a network of terminals in nine states.
Jeff McCaig, chairman and chief executive officer of Trimac, in announcing this transaction, said, “StarTrans strategically fits our long-term objectives in our continued focus of product-line diversification which includes growing our dry bulk segment east of the Mississippi.”
The purchase agreement is subject to usual closing conditions. StarTrans has filed for bankruptcy protection under Chapter 11 to permit the Bankruptcy Court to conduct the sale. Subject to the approval of the Bankruptcy Court, it is expected that the sale will be closed within 30-45 days.
Substantially all of the nearly 400 existing StarTrans’ employees, located in several states, will be offered positions with Trimac. Following closing, Trimac will continue to operate the acquired business from StarTrans’ Holly Hill headquarters.