Heartland Express acquires Wisconsin carrier for $150 million
This week, Iowa-based trucking company Heartland Express announced the purchase of a dry van truckload carrier.
On Monday, August 26, Heartland Express announced the acquisition of Black River Falls, Wisconsin-based carrier Millis Transfer Inc. and related companies for approximately $150 million, including the payoff of assumed debt. The purchase was made entirely in cash except for $750,000 in Heartland stock.
Millis employs approximately 840 drivers.
In addition to acquiring Millis Transfer’s 11 terminals, Heartland also acquired five Millis Training Institute locations in Ohio, Georgia, Wisconsin, Texas, and North Carolina.
Michael Gerdin, Chairman, President, and CEO of Heartland, commented: “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. 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.”
Millis leaders Dave Millis, President, Steve Millis, Chief Operating Officer, and Dan Millis, Vice President of Compliance and Safety, also commented on the purchase: “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. 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.”
This is not Heartland Express’s first major acquisition. The company acquired Tacoma, Washington-based Interstate Distributer Co. for $113 million in 2017. They also purchased Washington carrier Gordon Trucking, Inc. for $300 million in 2013.
Millis Transfer is a third generation dry van truckload carrier founded in 1936 with primary areas of operation in the Midwest, Eastern United States, and Texas.