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Swift Buys Central Refrigerated
Swift Transportation Co. said it has acquired privately held carrier Central Refrigerated for $225 million.
The purchase of the West Valley City, Utah-based carrierĚýwas for about $189 million in cash and $36 million of assumed capital lease obligations and other financial debt, Swift said in a statement.
Central Refrigerated — the fifth-largest provider of temperature-controlled truckload services in the United States — generated about $504 million in revenue and $50 million in earnings before interest, taxes, depreciation and amortization in the 12 months ended June 30.
Swift’s CEO and controlling stockholder, Jerry M was Central’s principal owner.
Swift said it expects the combination of CentralĚýRefrigerated`s business and Swift`s existing refrigerated business will make it the nation`s second-largest temperature-controlled truckload provider.
C.R. England is the largest refrigerated-sector carrier in the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers, with 2012 revenue of $1.416 billion, followed by Prime Inc., with revenue of $1.152 billion.
Swift Transportation Co. is ranked No. 7 on the TT 100, while CentralĚýRefrigerated is ranked No. 56.
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