Heartland Express announced it acquired family owned Millis Transfer and related companies for approximately $150 million, including debt. Including the payoff of all assumed debt, which is expected by December 31, 2019, the transaction was all cash except for approximately $750,000 in Heartland stock.
Dry-van operator Millis operates 11 terminal locations ad five MTI driver school locations. The company generated approximately $152 million in revenue in the 12 months ending June 30, 2019.
“We are very pleased to welcome everyone at Millis to Heartland Express. We are impressed with the high quality of the driving professionals and the organization’s safety profile,” Michael Gerdi, chairman, president and CEO of Heartland, said in a statement. “In addition, the regional coverage, equipment, conservative and disciplined management style, and culture are all very compatible with our approach. The current Millis Family management team has over 113 years combined experience and will remain with the business in their current roles. We expect Millis to contribute to our ongoing success immediately, and with opportunities for further improvement, get even better over the long term.”
In a joint statement, Dave Millis, president; Steve Millis, chief operating officer, and Dan Millis, vice president of compliance and safety, commented on the excitement the family feels joining Heartland.
“From the first time we met with Mike Gerdin and some of his executives we knew that this was the right decision for our drivers, employees, and family,” the statement read. “We are very excited to continue providing the high quality of service that our customers have come to expect. We believe the current culture that was started by our father, Bill Millis, 35 years ago and still exists today, will complement Heartland. We look forward to contributing and growing their business through our combined networks and customer relationships.”