Tank truck carrier Quality Distribution said it has sold tank wash unit Quala Systems for $13 million.
Quality sold 鈥渟ubstantially all of the operating assets鈥 of the unit to QualaWash Holdings for $10 million in cash and $3 million in a subordinated note, the company said Saturday.
Quala Systems entered into various agreements with QualaWash, including long-term leases of real estate used in the tank wash business and various operating agreements, Quality said.
鈥淭his transaction is beneficial to Quality Distribution because it will further simplify our business model, allow us to focus on our core business and provide us with additional financial flexibility,鈥 said Gary Enzor, Quality鈥檚 chief executive officer.
Quality Distribution is ranked No. 34 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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