William B. Cassidy, Senior Editor | Jul 02, 2012 5:37PM EDT
Saia, a multiregional less-than-truckload carrier, purchased Robart Companies, a truck freight broker and logistics services provider based in Duluth, Ga.
The acquisition includes non-asset Robart Transportation and RL Services. Sharon Burton, president and CEO of Robart, will lead the companies under Saia.
The $1 billion LTL trucking company purchased the $12 million brokerage for $7.8 million. The deal gives Saia a small foothold in the lucrative logistics market.
“I believe this acquisition will provide solid growth opportunities,” Rick O’Dell, president and CEO of Johns Creek, Ga.-based Saia, said in a statement.
“We believe this was a good acquisition because Saia bought a small, profitable company,” Stifel Nicolaus analyst David G. Ross said in a note to investors.
“Robart management is staying in place and will use Saia as a platform for growth, mainly organic,” Ross said. The firm’s customers include Delta and Coca-Cola.
Saia revenue leaped 11 percent in the first quarter to $269 million, while net income shot up to $5.5 million from slightly more than $700,000 in the 2010 quarter.
Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter at @wbcassidy_joc