- Heartland Express, Inc. (NASDAQ:HTLD) has acquired 100% of the equity of dry van truckload carrier Smith Transport, Inc. and related entities for ~$170 million.
- Smith Transport, founded in 1982, is an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, with terminals in Pennsylvania, Georgia, and Indiana. Smith primarily provides dry van transportation and other specialized services in the eastern U.S.
- The Smith companies will continue to operate from Roaring Spring, Pennsylvania, under the leadership of Todd Smith, President, with ongoing support from founder Barry Smith.
- HTLD expects the acquisition to be immediately accretive to its EPS.
- The Roaring Spring, Pennsylvania property was acquired in a separate transaction for $14 million in cash and includes the trucking terminal and 375,000 square feet of warehouse space leased to tenants.
- HTLD funded the deal with existing cash. It held cash and equivalents of $187.08 million as of March 31, 2022.
- Price Action: HTLD shares are trading higher by 0.21% at $14.31 on the last check Wednesday.
