Heniff Transportation and Superior Bulk Logistics are joining forces to create one of the largest bulk carriers in the industry.
The two companies announced Heniff’s acquisition, through new private-equity parent company Olumpus Partners, of Superior on Thursday, Dec 19. Superior, founded in 1940, operates two transportation companies: Superior Carriers, which provides liquid and dry bulk distribution for international chemical manufacturers, and Carry Transit, which provides logistics solutions for food product companies.
Olympus “recapitalized” Heniff, a leading bulk liquid transport company with specialized intermodal expertise, in November.
“We are constantly seeking ways to improve our customer service capabilities,” said Bob Heniff, founder and chief executive officer of Heniff Transportation. “This transaction is a perfect example of how we will continue to invest in the business to ensure we have the resources to become strategic partners with our customers.
“Superior has been a top-tier carrier for many years. We are confident that our customers, drivers and employees will benefit from the ability to offer more comprehensive shipping solutions.”
The “strategic transaction” combines the companies’ significant resources, providing customers more efficient shipping capacity and cost-effective transportation solutions, they say. Both carriers have long-standing reputations for providing reliable and safe transportation of their customers’ shipments. In addition to outstanding safety records, Heniff and Superior maintain almost 2,000 highly trained drivers operating out of an integrated network of nearly 100 terminal locations.
Together, Heniff and Superior, along with Carry Transit, expect to be an industry leader in liquid bulk transportation, food-grade transportation, tank cleaning, rail transloading, ISO depot and maintenance services.
“The new organization will offer services second to none in the chemical and food-grade bulk transportation industry with the ability to provide the market and customers a broad range of shipping solutions,” Heniff said.
Heniff raised the capital resources for the acquisition by partnering with a “consortium of lenders” and Olympus, which manages more than $8.5 billion in assets and focuses on providing equity capital for middle market management buyouts and growing companies. Terms of the acquisition and financing were not revealed.
“Today we have taken two high-performing carriers and created a true market leader,” said Wes Stone, chief executive officer of Superior. “We will continue to seek opportunities to extend our customer service capabilities by expanding into new geographies, new service lines and by continuing to invest in our fleet assets and operating platforms.
“These new markets and services will also afford many exciting career development opportunities at our company.”
Stone will continue to serve as president and chief commercial officer of Superior, focusing on business development.
“We are thrilled with the opportunity to work with the (Superior) and Heniff teams,” said Dave Cardenas, partner at Olympus. “The combination will create an industry leader with significant additional growth opportunities. We look forward to supporting the organization as it continues to expand.”
