William B. Cassidy | May 02, 2011 2:56PM EDT
Transportation acquisition activity reached the heavy haul trucking industry with EZE Trucking's purchase of Bakersfield, Calif.-based Patterson Motor Freight.
The acquisition, the latest in a spate of buyouts that began last year, expands EZE Trucking's capacity and specialized trucking services in the Western U.S.
The merger will bring greater scale and capabilities to EZE and PMF customers, said EZE Trucking President Kirk Jensen. Terms of the deal were not disclosed.
The acquisition is the latest in a spate of buyouts across the transportation and logisitics landscape as carriers rush to purchase dwindling capacity for customers.
Long-haul and regional trucking operator Integrated Freight last month acquired Cross Creek Trucking, Medford, Ore., extending its reach to the Pacific Northwest.
Logistics operator Transplace acquired SCO Logistics in April, while intermodal company The Hub Group bought freight broker Exel Transportation Services.
Patterson brings about $19 million in annual revenue to EZE, according to Phoenix-based Ahern and Associates, which helped complete the acquisition.
Heavy hauler EZE Trucking has moved everything from President Reagan's Air Force One to 450,000-pound oil refinery vessels and SpaceX rocket components.
Together, EZE and Patterson operate more than 100 tractors and 600 trailers in everything from less-than-truckload to oversize, overweight trucking.
EZE Trucking also has a national network of owner-operators, the company said.
The heavy haulers primarily serve shippers in the construction, mining, aerospace, wind energy and general manufacturing markets, according to EZE Trucking.
Atlantic Street Capital, a private equity fund in Stamford, Conn., owns Rialto, Calif.-based EZE Trucking. It acquired the heavy-freight trucker in 2009.
"We have been looking for the right partner to complement EZE Trucking's services for some time," said Andy Wilkins, a partner at Atlantic Street Capital.
The combined companies will operate in five states. A logistics operation will broker freight throughout the U.S. and across the border into Canada and Mexico.
-- Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter @Wbcassidy_joc.
